Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: This is the closing bell on this stock movers report
Speaker 2: the company's making moves at the close of US trading
Speaker 2: with Carol Masser, Tim Stenebeck, Romain Bostik, and Katie Greifel.
Speaker 1: All Right, so that's a look the big picture there.
Speaker 1: From Katie, I'm going to go back to the S
Speaker 1: and P five hundred and Bailly, you've got two hundred
Speaker 1: and ninety nine names in the S and P five
Speaker 1: hundred higher here at the close, about two hundred and
Speaker 1: four to the downside, one unchanged.
Speaker 3: Yeah, and we're looking a little bit under the hood
Speaker 3: on a sector bisector basis, seeing some strength for communication
Speaker 3: services and financials as well as consumer discretionary, but the
Speaker 3: big drags information technology, and then also seeing some weakness
Speaker 3: across utilities and industrials. So an interesting bifurcated market.
Speaker 1: All right, guys, let's get to some individual gainers if
Speaker 1: I may. And I'm looking at the number three gainer
Speaker 1: in the S and P five hundred today, and it's
Speaker 1: the number two gainer in the Nasdaq one hundred. We
Speaker 1: are talking about meta platforms. This one at its highs
Speaker 1: Intra day up about eleven and a half percent, settling
Speaker 1: down though with just under a nine percent gain in
Speaker 1: the session. This has the company's developing plans for a
Speaker 1: cloud infrastructure business to sell access to AI computing power
Speaker 1: and models, competing with industry leaders such as Amazon Web
Speaker 1: Services and Google Cloud. So really leading into the hyperscaler mode,
Speaker 1: if you will. Company considering selling access to various AI
Speaker 1: models hosted on its existing AI infrastructure, as well as
Speaker 1: raw computing capacity as part of its meta compute initiatives.
Speaker 1: Some of this has to be as a result of
Speaker 1: the pressure on the company to basically justify all of
Speaker 1: the spend that it has done on building out some
Speaker 1: of their data centers. So now maybe kind of renting out,
Speaker 1: if you will, it's excess capacities. So an interesting one
Speaker 1: on this. We talked with our mandeep Seeing of Bloomberg Intelligence.
Speaker 1: He's like, is this a temporary thing? Is this something
Speaker 1: more substantial? So we'll look for some more clarity from
Speaker 1: the company on that one. Over to another mag seven
Speaker 1: I go got to talk about Microsoft coming off its
Speaker 1: worst month in years due to concerns about how the
Speaker 1: company will fare in a world marked by AI. The
Speaker 1: stock was down seventeen percent in the month of June,
Speaker 1: bouncing back a little bit here on the first trading
Speaker 1: day of July, up about three percent in today's session.
Speaker 1: Microsoft planning to announce thousands of layoffs as the company
Speaker 1: aims to increase spending on AI tech. John is expected
Speaker 1: to cut less than two and a half percent of
Speaker 1: its overall workforce of about two hundred and twenty thousand people.
Speaker 1: This according to people familiar with the matter. This was
Speaker 1: coming from Business Insider. They reported this late yesterday. So
Speaker 1: the stock bouncing back today and then Bailly, you were like,
Speaker 1: you're all over the place. You were on air with
Speaker 1: us in the two o'clock hour. We cut up with
Speaker 1: one of the co founders of one of the IPOs
Speaker 1: today bending spoons and IPO at the close up about
Speaker 1: forty percent in its first day of trading here and
Speaker 1: this come it's backers raising about one point sixty eight billion.
Speaker 4: Market value of I should pull it up. It was
Speaker 4: roughly about twenty one billion.
Speaker 3: Twenty six right now at least of the clothes, Carol,
Speaker 3: So pretty darn big move.
Speaker 1: Not too shabby, right, Although I feel like you and
Speaker 1: me and Tim we like we were trying to like
Speaker 1: press this guy one of the co.
Speaker 4: Founders, Luca Ferrari.
Speaker 1: Luca Ferrari, I'm like what the business model is and
Speaker 1: kind of where growth comes from going going forward, So
Speaker 1: a lot of questions. I'm already looking forward to its
Speaker 1: first earnings day.
Speaker 4: Yeah, you and I both, Yeah, exactly.
Speaker 5: Bailey had great coverage on the Bloomberg terminal. Time to
Speaker 5: check out his stories there. Hey, I wanted to get
Speaker 5: to decliners and I kind of want to play off
Speaker 5: of what Carol said about meta platforms. Core We've share
Speaker 5: a study falling fourteen percent, so metasurging by you know,
Speaker 5: after our Bloomberg News team reported that they're getting into
Speaker 5: this new business. But it's Core Weave's turf, specifically considering
Speaker 5: signing access to various AI models hosted on its existing
Speaker 5: AI of infrastructure as well as so called raw computing
Speaker 5: capacity that would be part of its meta compute initiative.
Speaker 5: And that is what Core We've done.
Speaker 6: It does.
Speaker 5: We also saw Nevius fall double digits today, another neocloud
Speaker 5: provider also check out shares of Caterpillar. Speaking of AI plays, Yes,
Speaker 5: Caterpillar has went an AI play down six point nine
Speaker 5: percent just today. Michael Burry you know him from the
Speaker 5: Big Short for his bets against the US housing market
Speaker 5: ahead of the two thousand and eight financial crisis. He
Speaker 5: said in a late in a post late on Tuesday
Speaker 5: on Substack that he shorted Caterpillar shares for the first time.
Speaker 5: He also shorted Nvidia Applied Materials I share, Semiconductor ETF TESLA,
Speaker 5: saying that the socks itself is a pure form of
Speaker 5: overvaluation in an index. Okay, Caterpillar shares down today by
Speaker 5: six point nine percent, And finally, let's get into retail.
Speaker 5: And with Walmart shares falling today by close to four percent,
Speaker 5: it closed at its lowest intra day going back to
Speaker 5: November of twenty twenty five, or actually lowest closed now
Speaker 5: since November of twenty twenty five. Down for six days
Speaker 5: in a row, the longest string of down days since
Speaker 5: October thirty. First Cleveland Research issue to report that says
Speaker 5: that quarter quarter day trends have slowed. Separately, Jeffrey's US
Speaker 5: consumer strategist wrote that, well, he's unsure if it's the
Speaker 5: bottom for Walmart shares. He has no idea when new
Speaker 5: money will step in. Given the drop today and the
Speaker 5: twenty percent decline from the peak. He said he would
Speaker 5: not be shocked if Walmart executives are discussing is there
Speaker 5: something we should do or say this week or next
Speaker 5: given the violence in the move lower dounklast of twenty
Speaker 5: percent from those June highs.
Speaker 6: Right, let's take a quick look at the bond market.
Speaker 6: We did hear from FRED chairman Kevin Worsh speaking in
Speaker 6: CenTra earlier today saying that inflation risks are down, not
Speaker 6: making too much of an impact in the market overall.
Speaker 6: You can see we're talking about basis point moves in
Speaker 6: either direction. We know we have that big jobs report
Speaker 6: coming on tomorrow, a rare Thursday jobs report, So maybe
Speaker 6: lying in wait for that, But I just I really
Speaker 6: want to talk about Taylor Swift.
Speaker 3: Well.
Speaker 1: I was going to say, yeah, there's the jobs report,
Speaker 1: that's important, but you know it's really important. Well, is
Speaker 1: Taylor Swift? Are they getting married? Really at the garden?
Speaker 4: I don't know it. I feel like no, I can't believe.
Speaker 5: I feel like it's a.
Speaker 4: Major major distraction. I yeah, maybe that's true. Thing obvious, right,
Speaker 4: I don't know.
Speaker 6: I hope it's a red herring. If it's a red herring,
Speaker 6: they put a lot of planning, a lot of logistics, but.
Speaker 4: She's good with this kind of stuff. She is distracting.
Speaker 6: So The New York Times has reported that there's a
Speaker 6: plan gathering of one hundred people at Madison Square Garden
Speaker 6: on July second, which is tomorrow, followed by a second
Speaker 6: event for about a thousand guests on July third. So
Speaker 6: it hasn't actually been confirmed that this is the wedding.
Speaker 5: Wouldn't you wouldn't you just like do maybe a concert
Speaker 5: or a party and then.
Speaker 4: I think she's going to do a concert.
Speaker 5: And then and then maybe get all your guests on
Speaker 5: on some planes or something and bring them to Rhode Island.
Speaker 1: Will you go to watch out where she has a
Speaker 1: beautiful estate up on the hills overlooking the ocean.
Speaker 4: That would That's what I'm hoping happy.
Speaker 5: What do you think?
Speaker 6: I just I can't believe that she.
Speaker 3: Would do it. I think it's a headfake. But I
Speaker 3: also want to give Travis some love. I feel like
Speaker 3: all we do is call it Taylor's wedding. There have
Speaker 3: to be two people to be.
Speaker 2: Part of it.
Speaker 4: Baily, you've been married, don't you know? The wedding is
Speaker 4: all about married married, you are married. Sorry, sorry, sorry,
Speaker 4: it's only about the bride.
Speaker 3: My first wife is a big fan of God.
Speaker 4: My girlfriend wife.
Speaker 6: Yeah, that's funny.
Speaker 4: We'll see though.
Speaker 6: I mean, it's kind of exciting because we're going to
Speaker 6: find out in the next few days what exactly is
Speaker 6: happening here.
Speaker 3: But it just seems I think the best part is, Katie,
Speaker 3: you want to talk about it, but you're like, I
Speaker 3: cannot wait to not be in Manhattan. I know, to
Speaker 3: find out.
Speaker 6: I know that's the thing. Getting out of the city
Speaker 6: is the thing to do. It's funny actually in New
Speaker 6: York City, Mayor Zora and Mandani has been asked multiple
Speaker 6: times about this. He's used those occasions decide step the
Speaker 6: question and just encourage everyone to stay cool during the
Speaker 6: heat wave as that heat dome descends upon us.
Speaker 4: All I'm just gonna say she's known for her Fourth
Speaker 4: of July parties. I know she's kind of like reading
Speaker 4: up to it.
Speaker 6: And you know, again we're just talking about July second,
Speaker 6: July third, So maybe the wedding really is on July fourth.
Speaker 6: Maybe she isn't really getting married at MSG that would
Speaker 6: be insane.
Speaker 1: Well, I know, is you got to get it done
Speaker 1: before the next football season starts.
Speaker 4: When did we start training?
Speaker 1: Why?
Speaker 4: Why would you look at me? I know this is
Speaker 4: not although you've been all in on stat.
Speaker 3: Bailey's got some time, he's got some time to before,
Speaker 3: he's got a report for camp.
Speaker 4: You got to do a honeymoon, but you don't have honeymoon.
Speaker 1: Yeah, all right, Well, I hope you and your first
Speaker 1: wife are okay.
Speaker 2: This stock mover's report from Bloomberg Radio. Check back with
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