- 1 week ago
Category
🗞
NewsTranscript
00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic here with Emily Grafeo, taking you through to that closing bell.
00:07It's a global simulcast.
00:08Tim Senevec, he joins us from the radio booth.
00:10Nora Melinda in today for Carol Masser.
00:14Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:17our partnership with YouTube, with Stocks on the Backfoot.
00:20To start a week, Tim Senevec, that historically would be a little bit of a snoozer.
00:25I mean, it's the last week of August, and there's a lot going on.
00:27It is. There is a lot going on.
00:28I mean, we've got Friday, and we've got the Jacksonville Economic Symposium.
00:32I hear Mike McKee's already out there, and I guess Tom and Lisa are going to be on their way
00:36pretty soon.
00:37But before that, we have NVIDIA reporting.
00:39We'll get that on Wednesday.
00:41Did I hear Emily talking about Bitcoin just now?
00:44I made a little plug to Bitcoin.
00:48I mean, listen.
00:49Yeah, up another 1.8% today, right?
00:51Yeah, when you're up like 2% on a day when other risk assets are down.
00:54Well, especially if you're Bitcoin and you've been in the 60s and you're getting close to 80.
00:57Exactly.
00:57Yeah, thank you, Emily.
00:59You know, you're talking about how busy this week is.
01:01We've got, as you mentioned, Jackson Hole at the end of the week and NVIDIA in focus, but also PCE.
01:06We're going to be getting that on Wednesday as we still continue to watch and monitor inflation.
01:10And we know that PCE is the Fed's preferred measure.
01:12So maybe that might perhaps be a tee-up for what Kevin Warsh is going to say on Friday to
01:17an extent.
01:18Yeah, it's kind of a weird week here because, you know, most people would be away.
01:21And we should point out volume in the equity market is light, about 20% below the average at this
01:28time.
01:29But, of course, that could change in a big way, particularly on Wednesday with that PCE data in the morning
01:33and NVIDIA earnings after the bell.
01:35And then, of course, everyone's still awaiting Kevin Warsh at the end of the week.
01:39We get the closing bells to start the week.
01:42And you actually saw a little bit of a bid come back into this market as we got closer to
01:45those closing bells, particularly when it comes to the Dow Jones industrial average.
01:50It had spent a good portion of the session in the red, but we did see a little bit of
01:55a spike into the close, now up about 140 points or three-tenths of one percent.
02:01The S&P 500 is lower by 21 points or three-tenths of a percent.
02:04The Nasdaq composite down about eight-tenths of a percent.
02:07The Nasdaq 100 down one percent.
02:10And the Russell 2000 closing out the day down about eight-tenths of one percent.
02:14In the S&P 500, peeling back the layers, you actually saw significantly more stocks move higher in the S
02:21&P today, more than 300 to the upside, fewer than 200 to the downside.
02:26Kind of speaks, Emily, to what the actual stocks that were moving in there and, you know, the weight of
02:31them.
02:31Yeah, definitely information technology.
02:33The big loser here, at least on the day's trade, when you take a look at the S&P 500
02:38IMAP function, you can see that red.
02:40Mostly IT, but also energies and industrial lower.
02:44But there were actually more sector levels in the green today, leading the way to consumer staples, financials, and utilities.
02:51Well, let's get to some of the stocks that moved higher today.
02:53I want to start with an online travel agency, Expedia Group, best performer in the S&P 500 today, reaching
03:00a new intraday high up 5.4 percent.
03:04This after we heard from Evercore ISI's Mark Mahaney, who lifted the price target on the company to a street
03:11high of $430 from 375.
03:13He maintains his outperform rating.
03:15He said that Expedia has the most attractive valuation on a price to earnings and free cash flow relative to
03:22Airbnb and booking a couple of its peers.
03:25Once again, shares of Expedia up more than 5.4 percent, reaching a new high in the S&P 500
03:31today.
03:33Also, I don't know if you've ever seen the new Spider-Man movie.
03:37Have you seen?
03:38Oh, yeah.
03:38You have seen it?
03:38What about the Odyssey?
03:40No.
03:40Have yet to go.
03:41Romaine, did you see the Odyssey yet?
03:42I have not seen the Odyssey yet.
03:43I'm waiting for it to come out on DVD.
03:45I'm waiting for it to watch it on a plane.
03:47Yeah.
03:48Just how Nolan would want someone to watch it, right?
03:51On the back of a seat.
03:53Well, it's still sending shares of IMAX and Cinemark Holdings higher today, but it's more about Spider-Man.
04:01Over at B. Riley, Drew Crum said that this weekend's gains were solid.
04:05We saw IMAX shares move higher by 3.9 percent.
04:08Cinemark up close to 5 percent.
04:10Spider-Man Brand New Day brought in over the domestic box office close to $130 million.
04:16That was up 64 percent year over year.
04:19Excuse me.
04:19That was just the box office, not just that one film.
04:22The Odyssey did bring in more than $19 million over the weekend.
04:25I was going to go see it, and then I found out how long it was, and I decided, you
04:29know, we're going to go get dinner instead.
04:31So we didn't do both of those things.
04:34Finally, watching the Spider-Gold ETF.
04:38GLD is the ticker.
04:40This as gold continues its run higher of eight-tenths of one percent today, climbing to the highest in more
04:47than three months.
04:48The U.S. Treasury's intervention in the bond market, reviving some concerns about fiscal policy and its impact on the
04:53dollar.
04:54The Spider-Gold Trust today higher by just about eight-tenths of one percent.
04:58Gold hovering around 46.80 an ounce.
05:02Well, there's quite a few decliners that we can look at this afternoon.
05:06So I'm looking at shares of NVIDIA, SanDisk, Micron, as you keep an eye on some of those memory chip
05:11makers there.
05:13So NVIDIA down, actually seeing its worst streak since 2022, that's September, down for a seventh straight day when we
05:21look at the losing streak.
05:22And essentially some of NVIDIA's biggest customers, we're told prices for certain AI servers, are going above 15%.
05:29So you saw that not only weighing on SanDisk, but also Micron.
05:33And all of this really in the lead-up as we keep our eyes on NVIDIA earnings that are due
05:38after the closing bell on Wednesday.
05:40But a big story today was also tariffs, of course, between the U.S. and Canada.
05:45And we did see a double downgrade on Canada Goose, that's the name that I'm watching, the stock falling about
05:505% on the day for two reasons primarily,
05:53that double downgrade to underweight from overweight at Wells Fargo.
05:56And the two things that the analysts are pointing out is, one, the tariffs, as I mentioned,
06:00they're essentially thinking that the company should be facing more macro risks like the 50% tariffs that the U
06:05.S. put on Canada.
06:06But separate to that, warmer weather and El Nino continuing to be in focus when we take a look at
06:12this company and others,
06:13maybe people aren't actually going to be rushing to get a parka if it's not as cold of a winter
06:18as we've seen in the past.
06:20And lastly, looking at him's and hers health, this is a stock that we continue to keep our eyes on,
06:25down about 8% at the closing bell.
06:27We were talking about this earlier with our very own Avalon Purnell,
06:30and essentially we're learning that Visa put the company on notice for the fact that it was getting excessive customer
06:36complaints, credit card disputes.
06:38This is because all these customers were upset about its weight loss subscription.
06:42It starts out at a $39 intro membership and actually jumps to $149 after that, and this is all not
06:49including the drug cost there.
06:51So you saw that weighing on shares of him's and hers.
06:53All right, let's take a quick look at yields, basically down across the curve.
06:57The two-year basically unchanged on the day, but bigger moves on the longer end of the curve,
07:02with the 20- and 30-year yield down about four basis points, continuing this little seesaw back and forth
07:08as bond traders and options traders, more importantly, try to get a handle on where they think yields might go
07:13next.
07:14I do want to just bring this to your attention, Tim Senovic.
07:18You are a father of multiple offspring.
07:21I am.
07:21I don't know if you have enrolled in any of these elite private schools, but good news for you.
07:25Okay.
07:26We are actually starting to see more financial aid packages, despite the fact that a lot of the people sending
07:31their kids to these schools,
07:33in theory, would actually just have the cash to pay out themselves.
07:36We are basically talking about people who maybe make households, I should say, that make as much as $500,000
07:41a year,
07:43now being offered basically some way to sort of subsidize that education.
07:48And that's large because a lot of these private schools, they're struggling to kind of hit their intro targets.
07:53Well, it could be because tuition has gone up so much at these schools.
07:57I mean, we're talking for boarding schools, you know, like Deerfield, for example, upwards of $80,000 a year.
08:02They're even day schools, $50,000 a year, Emily.
08:06But look, I mean, there are plenty of parents who can afford to pay full freight at these places.
08:12And, you know, we'll actually stop at nothing to kind of pay as much as they could for an excellent
08:18education,
08:18which many people argue these schools offer.
08:20Yeah.
08:21But, I mean, it's all coming.
08:22The experience, too.
08:23Yes, of course.
08:23The experience of being at boarding school at the ripe age of 15.
08:27I mean, it is coming, though.
08:28What's the experience for the parents who have to pay all this money?
08:30Just asking for a friend.
08:32Oh, kid.
08:32Question that needs answers.
08:34Yeah.
08:34Quiet.
08:35The cost of living is going up, though.
08:37This is something that I do want to point out.
08:38Our very own Erin Hudson, you know, writing this article and pointing out that investment advisor Smart Asset now estimates
08:45a family of four needs roughly $200K a year to live comfortably in San Antonio or New Orleans,
08:51in New York, that figure rises to almost $340,000.
08:56So, I mean, you know, right, like a tuition of $80K, that's really going to knock out a lot of
09:00your budget.
09:01And, you know, what's interesting is in the story that Erin Hudson wrote,
09:04she essentially says that the schools are calling these parents middle class.
09:08So it just really shows you where we are economically.
09:11But separate from that, the fact that many earn far more than roughly $84,000 in terms of the median
09:17income.
09:18But it's $150,000 to about $500,000 that can qualify for that help.
09:24Okay.
09:25Don't worry.
09:25The cost will continue to go up.
09:27My kids are too young now to be thinking about this.
09:29But for us to be thinking about it.
09:30Maybe it's time to start saving.
09:31Yeah.
09:32Maybe we can talk about college another day, too.
09:34Maybe we can talk about it.
09:34Sure.
09:34You
Comments