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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.
00:06It's a global simulcast.
00:08Carol Masser and Tim Senevic join us now.
00:10Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:14and our partnership with YouTube here.
00:16I guess we'll call this a bit of a pause, Carol Masser, in that three-day rally
00:20with the S&P, the NASDAQ, and the Russell all in the red.
00:23Yeah, it's kind of interesting, right?
00:24Yesterday we were higher on the S&P 500, but if you went inside the index,
00:28we kind of had an even split between gainers and decliners.
00:31Well, now we've got the S&P down, and the same story.
00:34You've got about half of the names higher and half of the names lower.
00:37It's just kind of the trade that we're in.
00:38Maybe we're just all waiting for that Fed decision.
00:40Fed decision, but also waiting for the latest out of the Middle East,
00:43and with a memorandum of understanding the details of that,
00:47at least according to our Bloomberg News team, becoming clearer and clearer.
00:50Taking a look at oil right now, Brent still down about 4% today,
00:56WTI down 4.8%.
00:57Both of those still above $76 a barrel,
01:01but getting closer and closer to those not quite pre-war levels.
01:07Yeah, we'll get it there.
01:08We'll see if they have, sorry?
01:09I've been waiting to fill up my gas tank for like two months.
01:11Jeez Louise.
01:11Did you say you haven't filled up your gas tank for two months?
01:14How are you getting around?
01:14That's because you live in New York.
01:15Oh.
01:16Oh, but it's also because...
01:17Oh, the chauffeur.
01:18Yeah, I was going to say, it's also the chauffeur.
01:19You don't have to worry about things.
01:20Romain, I saw some great Knicks gear this morning on the way to the office.
01:25They were selling just a block.
01:26Official?
01:27Oh, damn.
01:28Officially cool.
01:30Definitely not official from the NBA's perspective.
01:32Did you buy any?
01:33I almost bought something for Romain.
01:34I should have done it.
01:35Okay.
01:36Gee, thanks, Tim.
01:37You're almost my friend.
01:40All right, we get the closing bells here in New York.
01:42And I do want to just bring your attention here, too,
01:44because we talk about the red on this screen.
01:46There is one big exception, and that's actually the Dow Jones Industrial Average,
01:50adding more than 300 points on the day, or about 0.7% to close out at another record high.
01:56And a big part of the reason is we saw a lot of strength today in material stocks.
02:00We saw a lot of strength in financials, including J.P. Morgan, which was up 4% on the day.
02:05Unfortunately, we did not see a lot of strength in tech stocks,
02:08and that's a big part of the reason why you tell you the S&P down about 40 points or
02:110.6% of a percent.
02:12The Nasdaq Composite down about 1.1%.
02:16The Nasdaq 100 down almost 2%.
02:19And as for the small caps, which, believe it or not, are tilted pretty heavily to tech these days,
02:24that closed lower by 26 points or 0.9% of 1%.
02:27All right, that is your overview.
02:29Back to the S&P 500, 273 names.
02:32Katie, in that index, higher today, 230 to the downside.
02:35Let's take a look at the circle and take a look at the sector performance,
02:39because there was more green than red just in terms of the number of sectors managing to finish with gain
02:46seven in total.
02:47Four in the red, though, and one of them was very important.
02:50That is information technology.
02:52You can see that's that big red slice down about 2.3%,
02:56outweighing the 1.5% gain you saw in financials.
03:00J.P. Morgan, in particular, had a great day.
03:02Utilities, industrials also gaining today.
03:06But, again, you think about the index math, when you have tech declining to that degree,
03:10it's going to be very hard to see the overall index green.
03:13All right, guys, let's go to some of the individual gainers, if I may.
03:16Got to talk about SpaceX.
03:18Up for a third day in a row since that IPO on Friday, adding about another 5%, actually 4.8%,
03:24if we want to be exact.
03:25The stock, though, was up as much as 17% earlier in the session, so finishing way off that high.
03:31We're talking about, what, a 20% gain yesterday, and then on Friday we had more than a 19%,
03:38so we have seen certainly some big, big moves.
03:40A lot of trading activity, but nonetheless, the gain's getting a little bit smaller here.
03:44Some news, though, SpaceX agreeing to take over Cursor in a deal that values that startup at $60 billion.
03:50It's all part of Elon's efforts to catch up with rivals on coding tools, because that's what Cursor is all
03:55about.
03:56So, yeah, that is something we're keeping an eye on.
03:58I want to go over to two names, Western Digital and Seagate Technology.
04:03Western Digital, your number three gainer in the S&P 500 with a gain of more than 4%.
04:09Seagate was the number two gainer in the NASDAQ 100.
04:11It was up about 1.25%.
04:14These two have been on fire this year.
04:17Western, we did see, hit a record intraday, and it may have closed at a record as well.
04:22I'll bring it up on the Bloomberg.
04:23In the meantime, both yesterday, Morgan reiterated overweight ratings on the hard drive makers, Western Digital and Seagate,
04:31bumping their price targets for Western to $650, and its Seagate target to $1,000, $1,035.
04:40The analysts there calling the stocks his most favored overweights.
04:44I should point out, Seagate is up about 280% year-to-date,
04:49and then you've got Western Digital up about 300%, roughly, year-to-date.
04:53So they have been on a tear.
04:54I want to go over to Moderna.
04:56This was your number two gainer in the S&P 500.
04:59That stock was up about 6.25%.
05:02A couple of things going on.
05:03The FDA released briefing documents on its influenza vaccine that analysts say may signal a favored outcome.
05:09And then you also had the company reporting organizational changes to get ready for some product launches over the next
05:16few years.
05:16The company's president assuming expanded operational oversight of leadership across R&D, manufacturing, and commercial for the company's three franchises.
05:25So, again, a lot of news out of that one.
05:27That stock, too, is up, I think, almost 90% year-to-date with about 16% of the float
05:32is short.
05:33And just sorry, I'm a little bit of a hog today.
05:35I'm going to go over to LUV, Southwest Airlines.
05:39I know.
05:40Stock is up.
05:41Are you going to get to the good ones?
05:41Can I interrupt?
05:42So did you take a look at Lionsgate today?
05:44I did not.
05:45Yeah, they closed at a record high.
05:46In fact, having their best day in months, up 79% this year.
05:49This is on the back.
05:50Carol Master, of that report by Semaphore, it was actually more about Roku.
05:53And Netflix is apparently interested in trying to buy that company.
05:58But they also dropped an interesting nugget that had apparently been interested in Lionsgate, the movie studio, as well.
06:03Yeah.
06:04Well, this is why we have you, so you can interrupt and add in some stuff.
06:08Romaine, I don't know if you were listening to our show earlier, but Roku actually started inside Netflix.
06:13I do.
06:14Almost 20 years ago.
06:15I do remember that.
06:16It's kind of crazy.
06:17They spun it off, and they had a big investment in the company.
06:19I know.
06:20Yeah.
06:20Time is a flat circle, you know?
06:22I love talking about Lionsgate when Southwest Airlines comes up there.
06:25Oh, sorry, Carol.
06:25Go ahead.
06:25Southwest Airlines.
06:26I was just going to say.
06:26Do we have some decliners to do it?
06:28I'm just going to tell you that when it comes to Southwest, Jeffrey's analyst, Sheila Kayalu, maintaining it with a
06:35hold, raising the price target from $37 to $44 a share.
06:38Okay.
06:39All right?
06:39That was worth it.
06:40Yeah, I thought so.
06:41I'm going to go fast.
06:43I want to talk about some of the exchange operators here.
06:46And what's happening?
06:47Look at this.
06:48CBO Global Markets fell 9.5% today.
06:52It's actually biggest decline, or lowest level, rather, going back to February 2nd of this year.
06:58CME Group also down by 1.7%.
07:00These exchange operators fell after CFTC Commission chair, CFTC chair, I should say, Michael Seeley, defended the recent regulatory approval
07:08of crypto perpetual futures.
07:11The CFTC permitted the listing of perpetual futures on U.S. exchanges.
07:14That was last month.
07:15It was May 29th.
07:16The C-League said it's time to approve regulated futures contracts that have no expiration date.
07:20The concern here is that regulated perpetual futures could be a substitute for index option speculation that CBO monetizes.
07:28Investors had that concern today, sending shares of these exchange operators down today.
07:32But CBO falling more so than CME Group.
07:36I don't see any of you wearing Snap's new glasses.
07:39No.
07:39Did you hear about these specs?
07:40I did hear about these specs.
07:42Okay.
07:42Augmented reality glasses.
07:44Yeah.
07:45$2,200.
07:46$2,200.
07:47Co-founder Evan Spiegel describes as a leapfrog advancement in the computer of the future.
07:52They have advanced displays, cameras that enable augmented reality, allowing users to run apps and third-party software, play games,
07:58and receive notifications.
07:59Overlaid on the real world through transparent lenses.
08:02Snap shares closed down by 9.6% today.
08:04Do you remember the old Snap glasses?
08:06I do.
08:07Yeah.
08:07Those were specs also.
08:08Yes, they were.
08:09They weren't $2,200.
08:11No, but you know what's funny is they were the precursor to the meta glasses that are somewhat popular nowadays,
08:18but Snap had them before.
08:20Yeah.
08:21And they never caught on.
08:22Yeah, our senior producer wears those to spy on us.
08:25Okay.
08:25I'm always careful what I say around her.
08:27I know I'm surrounded by some cat people and some dog people, so I want to go to Tractor Supply.
08:33Please.
08:33This is a really interesting story here.
08:35Okay.
08:35Tractor Supply shares ended up falling today by a little more than 2%.
08:38The farm store chain was downgraded at Truist and Piper Sandler, cited concerns about competition, and a falling large dog
08:46population that reduces the company's total addressable market.
08:50What?
08:51Yeah, exactly.
08:52So large dogs have been Tractor's bread and butter and key traffic driver.
08:57This is according to a Truist analyst.
08:59Okay.
09:00He wrote in his notes, the concern is that if people have fewer of these large dogs, then they will
09:06go to Tractor Supply less frequently.
09:08Okay.
09:09So.
09:09That's interesting.
09:10I got, Carol's a dog person.
09:12Yeah.
09:12Romaine, you're a dog person.
09:13I have a small dog, so.
09:15Katie's a cat person.
09:17How big is your cat, Katie?
09:18He is 9 pounds.
09:20No, that's kind of small.
09:21He's very, he's very small.
09:23Do you have a big dog or a small dog?
09:24I have one of each.
09:25Okay.
09:26Excuse me.
09:28All right.
09:29That's Tractor Supply.
09:29What's kind of a COVID dog?
09:30Shares down by about 2% today.
09:33What else you guys got?
09:35Yields.
09:35Do you care?
09:36They're down.
09:37I care.
09:37Basically about one basis point on that two-year yield, which, of course, is a thing everyone wants to keep
09:41an eye on as that two-day Fed meeting is underway.
09:44Of course, the decision will drop at 2 p.m. Eastern time, a statement.
09:48The market not expecting any changes, but obviously it's that 2.30 press conference that will enwrap pretty much everyone
09:55around the board.
09:56And, of course, we'll have full coverage right now on Bloomberg starting at 1.30 p.m. Eastern time.
10:00If you hadn't talked so much, we could have talked about Froyo.
10:02I was dying to talk about Froyo, but we'll have to save us.
10:06Just saying.
10:07We're going to miss you guys tomorrow.
10:09It's like TCBY?
10:09You guys aren't here tomorrow either?
10:11No.
10:12Where are you going?
10:13We're going to Las Vegas.
10:14We're leaving on a jet plane.
10:15Don't.
10:16On Fed Day?
10:17I just.
10:18A little gamble.
10:19Jeez Louise.
10:20Yeah.
10:21He's a high roller.
10:21I don't know if you've ever.
10:22Yeah.
10:23No.
10:24I just found out that Carol and I might be sitting next to each other on the plane.
10:27Do you know what he did?
10:28That's a nightmare.
10:29He just made me change my seat.
10:31Yeah, change.
10:32Okay.
10:33That's fair.
10:34Change.
10:34It's a long flight to Vegas.
10:36If you've got to go to the last row and coach just to sit.
10:38Can't say anything nice enough.
10:40Can't say anything at all.
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