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00:00The Closing Bell, Bloomberg's comprehensive cross-platform coverage of the U.S. market close starts right now.
00:09And right now we are two minutes away from the end of the trading day.
00:13Romain Bostic here with Katie Greifeld taking you through to that closing bell.
00:16It's a global simulcast. Carol Masser joins us now.
00:18Isabel Lee in today for Tim Stenevich.
00:21Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:24our partnership with YouTube, a relatively muted end to what is still, Carol Masser, going to be an up week.
00:31But I was taking a look, well, don't take a look actually at some of these trading volumes because they
00:35are.
00:35Is anybody working today?
00:37I don't. It doesn't feel the way.
00:38I kept saying, we kept saying, it feels like stocks are crawling to the close today, just up a hair.
00:44But we're holding on to our best levels of the day as we go into the weekend.
00:47So maybe that's a plus. I don't know.
00:48And when Carol said that, I said, so am I.
00:51I'm also just crawling through the week.
00:52We have one more hour to go.
00:54But then I want to bring this note by Capital Economics.
00:57They said that the S&P has held up reasonably well despite a correction in semiconductor stocks.
01:01But then they don't think that it will hold up to the 10 percent rally they are forecasting if semiconductor
01:06stocks don't join in.
01:08So, again, it's really all about those semi-chips.
01:10Yeah, well, speaking of semiconductors, you take a look at the Philadelphia Semiconductor Index today.
01:16Is it up like 10 percent?
01:17It's up about a tenth of a percent, if that counts.
01:22Which is pretty interesting.
01:23It's the smallest move in quite a while.
01:26So muted interest when it comes to some of these chip makers in the U.S.
01:31Though I will say there was a lot of interest around SK Hynix, obviously.
01:34Yeah.
01:34And, I mean, that's a good point, too.
01:35We talk about the volatility that we see around these chip names.
01:38And let's face it.
01:39I mean, the last few days, just this week alone, the previous four days, you had moves of 2%, 3%,
01:444% up or down on the Philadelphia Semiconductor Index,
01:47which has kind of become standard for us.
01:49So to see only a tenth of a percent move, maybe some of that was, of course, some of the
01:53wind getting sucked out by SK Hynix,
01:55which is like it's going to finish the day higher by 13%.
01:58Volume is low.
01:59Average volume at this time on the S&P versus the last 20 days, lower by 32%.
02:05But the S&P still finishes higher on the day and in the week, a gain of about 32 points
02:10or four-tenths of 1%.
02:11The Dow adding about 150 points or three-tenths of 1%.
02:15The NASDAQ Composite and the NASDAQ 100, each up about three-tenths of a percent.
02:20And the S&P mid-caps, Dow Transports and the Russell 2000 all finishing the day in the red, the
02:25Russell, down a half a percentage point.
02:28All right, guys, let's go back to the S&P 500 like I like to do.
02:31Three hundred and thirty-eight names, Katie, in the S&P 500, higher today, 163 to the downside, two unchanged.
02:38And let's take a look at this circle here.
02:40It was almost a perfect score, almost.
02:43You have 10 of 11 sectors in the green right now, led by materials, actually, your biggest gainer on the
02:48day,
02:49higher by about 1.1%, followed by communication services, consumer staples.
02:54The list goes on.
02:55It was a great day.
02:56What didn't have a great day, though, was health care, down by about eight-tenths of a percent as a
03:00sector.
03:01A lot of those losses coming back to Eli Lilly's shares.
03:04Health care being a pooper, huh?
03:05Yeah, there you go.
03:06Come on, just turn green.
03:07We asked for so little.
03:09All right, let's go back to SK Hynix.
03:11We have to because it's what we – what did you say?
03:13Never mind.
03:13Go ahead.
03:14All right, all right.
03:14Do you have gainers today?
03:15Huh?
03:16Do you have gainers today?
03:17I do.
03:18I do.
03:18Starting with SK Hynix, up 28% of its highs today, finishing with a gain of about 13%.
03:23We know the ADRs.
03:24We've been talking about it all week long, looking forward to its U.S. listing.
03:29It was the largest ever U.S. listing by a foreign company, $26.5 billion raised in that ADR offering.
03:37They did trade at a premium over the closing price of the sole listed common stock due to restrictions on
03:42exchanging the South Korean stock for the U.S. instruments.
03:45There's stuff that goes on.
03:46But it'll be interesting to see the momentum.
03:48Memory.
03:49It's all about memory chip makers at this point.
03:52Memory, yeah.
03:52Right?
03:53The memory guys.
03:53And did you listen to the interview?
03:54I mean, he talked a lot about, what was it, memory as a service or something?
03:57They're just making up stuff now.
03:58Is that what happened?
03:59Well, you know, Manteep Singh, who was on, he thought, you know, they were very measured in terms of their
04:03expectations.
04:03But the demand, they seem to say, is still there and will be for several years.
04:07So, all right.
04:08We will see.
04:09Time will tell on this one.
04:10I'm going to go over to Meta Platform's top gainer in the S&P and the NASDAQ 100.
04:15Yeah, they did well.
04:16They did do well.
04:17And why?
04:18You want to know why?
04:20Yeah.
04:20Yes.
04:20Don't leave us waiting.
04:21Okay.
04:24Key Bank Capital Markets analyst Justin Patterson raised the target on Meta to 790 from 760.
04:31A share, as you can see, the stock closing at 669 and change.
04:36Writing, there are three things you need to build.
04:38A true frontier model, data, talent, and compute.
04:42And they believe Meta is the only hyperscaler, Neolab, on track to be a world class at all three
04:47and, therefore, has the best chance of catching up with anthropic and open AI.
04:51Actually, I think this was a different analyst who actually wrote it.
04:53I think this was Semi Analysis wrote in note.
04:57But anyway, some optimism.
04:58Yeah, Semi Analysis, yeah.
04:59Okay.
04:59Oh, I'm so glad you're here.
05:00You're keeping me honest.
05:03There's more there, too.
05:04But I can feel-
05:05That's the only reason they pair us up.
05:06They're just like, Carol needs somebody, so.
05:08Oh, my gosh.
05:09Jeez Louise.
05:10I'm just here for fun.
05:11It's like being around my four brothers.
05:13Okay.
05:13So, for something different, let's see if Vermein can interrupt me on this one.
05:17WD40 up almost 25% of its highs, finishing the day with about a 10% gain.
05:22You know what they do, lubricant sprays and all that good stuff.
05:25Boosted its net sales forecast for the full year.
05:28Here, Jeffrey's weighing in and saying that while sales are to move higher, higher costs are likely to squeeze margins.
05:33So, maybe a little bit of a caveat.
05:35But nonetheless, beginner in today's session, I am done.
05:38It is all yours.
05:39Get ready for Vermein.
05:40I am ready.
05:41So, we're going to talk about the losers or the decliners.
05:45Loser sounds harsh.
05:46So, Datadog, tickers DDOG, shares are down by more than 4%.
05:52This is the lowest since, well, July 7, 2026, but the most since June 3.
05:58So, this comes after Bernstein downgraded the software company to market perform from outperform.
06:03So, the analyst there is cautious about their earnings prospect going forward.
06:06And he says, not only do we start lapping tough comps in Q4, but we're also seeing demand signals flatlining.
06:12So, I don't know if I've heard lapping tough comps in that context ever, but definitely not good news for
06:19the stock.
06:20Up next, we're going to look at CrowdStrike.
06:22So, I don't know why I chose this.
06:24The stock is down, though, by nearly 6%, because the only news there is the president and CEO, George Kurtz,
06:30reporting a series of insider stock transactions.
06:33And I want to just reiterate, even if maybe our viewers may know this, that, yes, selling 3.86 millions
06:39of shares.
06:39It doesn't necessarily mean a company is in trouble.
06:42We never like to see insiders sell.
06:44But sometimes they do it because they're supposed to.
06:46They have plans, right?
06:47Yeah.
06:47I mean, I had to look it up to make sure, but it could be just them diversifying their personal
06:52wealth or paying for taxes, et cetera.
06:55Anyway, so, market also didn't like that down by 6%.
06:59And lastly, we're looking at Palo Alto Network.
07:02So, Needham raised their target to 425 from 350 to maintain their buy rating, but we still see the stock
07:09down by nearly 4%.
07:11All right.
07:12Let's take a quick look at yields.
07:14You did see a modest sell-off in that space with yields on the shorter end of the curve, primarily
07:18the two-year yield, we should point out, up.
07:20That includes on a weekly basis as well.
07:24Your 10-year yield was basically, we'll just call it unchanged on the day, though we should say that pretty
07:29much across the curve, we did see yields higher on this Friday than where they were one Friday ago.
07:34All right, guys.
07:35You know, it's pretty steamy outside.
07:38We know we've had a lot of hot weather.
07:40We've seen hot weather, records broken again, certainly around the world.
07:43Well, this New York Times story definitely caught our attention.
07:46So, with changing climate change, wreaking havoc on, I guess, what we normally feel like are manageable seasons, we've got
07:54some people with means, check this out, equipping their homes and even their yachts with indoor winter wonderlands, aided by
08:01companies like the Italian snowmaker Techno Alpen.
08:04They blast snow onto ski mountains, but it's a snow room.
08:08It's more or less, Isabel, the opposite of a sauna.
08:12So, I'm sorry.
08:12So, you have this on your yacht, right, Carol?
08:14So, what exactly is the point?
08:16It's just so hot out there that people who have the means to do so are creating these rooms.
08:22Like indoor snow globes?
08:24Yes.
08:24Yes, exactly.
08:25So, instead of air conditioning or what?
08:26The description is it's a cave-like space of ice and snow.
08:30In sum, white flakes descend gently from the ceiling to create the feeling of being inside a snow globe.
08:37It sounds expensive.
08:38It is for those who...
08:40It sounds very single purpose.
08:42Can you convert to a sauna?
08:44I wonder, you know, make it not just a snow?
08:46Does it change with the season?
08:47Now, it'd be cool if it was like a little globe, like, you know, adjusted with the seasons.
08:52No, you have to install a sauna.
08:54It's like biodome.
08:54You know, to have a snow room, you need to have a house, though, it sounds like.
08:58Okay, but not everybody wants a house anymore, do they?
09:01Apparently, Americans under 40 are questioning the value of buying a home.
09:04Do you ever see Biodome with Pauly Shore?
09:05Yes, we do, Biodome.
09:08Anyway, Katie, take it away.
09:10Apparently, less than a quarter of Americans aged 18 to 39 say buying a home is a very good investment
09:16compared with 38% of those over 60-year-olds.
09:19Basically, Bloomberg has this great story out talking about how, you know, the Americans under 40 are wondering whether or
09:27not it's even worth it to try buying a home.
09:28And I feel like, Romain, you picked this to torture me.
09:31Well, yeah, I mean, you know, not that this has any sort of direct correlation to your life.
09:34But, I mean, I also feel like when I read it, I kind of chuckle, too, because I feel like
09:38every generation kind of goes through this.
09:40I mean, buying a home is such a weird thing because, look, long term or even short term, it's not
09:44always the best financial decision.
09:47But we don't necessarily just buy homes for the financial return.
09:50There's obviously a lot more that gets packed into that.
09:52Emotional return.
09:53But even when we talk about the accessibility, it's the same thing, having to decide the neighborhood that you can
09:57afford and the space that you can afford and things like that,
10:00particularly in a high area place like New York City or San Francisco.
10:04Yeah, it's expensive.
10:06Yeah, it's super expensive.
10:07But then you have Carol, who has like, you know, three yachts, you know, two homes.
10:11Snow rooms.
10:11Snow clothes.
10:12No, I don't.
10:13You could have just moved into her snow room.
10:14No, but I think what's interesting is that you do have generations.
10:17How many square feet is that?
10:18Because in this city, you know, you could probably get like, you know, four grand a month for that.
10:21That's true.
10:22Carol, invite us, please.
10:24Romain and I and Katie are dying to be invited.
10:26Only Finley's going to.
10:27I'm only going to invite Finley, our producer.
10:29Can I just tell you that?
10:30She's scared.
10:31No, I'm not scared.
10:31You don't scare me.
10:32All right.
10:33That is a wrap, guys.
10:34Stay cool.
10:36On the week.
10:37Good luck, Katie, with all your house stuff.
10:39All right.
10:39That is a wrap.
10:40Our cross-platform, Radio TV, YouTube, Bloomberg Originals.
10:42We do call it the closing bell.
10:44We are not in a snow globe, though.
10:46Katie and Romain continuing there on TV.
10:48And Isabelle and I back here on Bloomberg Business Week Daily on Bloomberg Radio.
10:51Have a great weekend, everyone.
10:52We'll see you on Monday.
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