1 00:00:02,520 --> 00:00:07,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,560 --> 00:00:12,480 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:15,880 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,520 --> 00:00:18,239 Speaker 3: Taking a look at in the S and P five 5 00:00:18,320 --> 00:00:20,840 Speaker 3: hundred and deeper dive in there, pulling back the layers. 6 00:00:20,920 --> 00:00:23,200 Speaker 3: Things don't look so good if you're long this market. 7 00:00:23,520 --> 00:00:26,280 Speaker 3: Four hundred and twenty five stocks the downside, only seventy 8 00:00:26,280 --> 00:00:28,440 Speaker 3: eight stocks in the green today, Katie, all right. 9 00:00:28,440 --> 00:00:30,720 Speaker 4: Let's take a look at the circle at the sectors. 10 00:00:30,760 --> 00:00:33,199 Speaker 4: What the performance there looks like. It's not good. You 11 00:00:33,280 --> 00:00:35,879 Speaker 4: only have one spot of green there, and that is 12 00:00:35,960 --> 00:00:39,000 Speaker 4: consumer staples up about a third of a percent. Just 13 00:00:39,040 --> 00:00:41,800 Speaker 4: tells you what a defensive trade this is today. You 14 00:00:41,840 --> 00:00:44,560 Speaker 4: think about what the big loser here is, and it's 15 00:00:44,680 --> 00:00:47,880 Speaker 4: Tech down about four percent as a sector. Of those 16 00:00:48,000 --> 00:00:51,320 Speaker 4: chip names in particular hit hard, but really right across 17 00:00:51,320 --> 00:00:51,680 Speaker 4: the board. 18 00:00:51,680 --> 00:00:54,600 Speaker 3: Tim Well, it was tough to find stocks that moved 19 00:00:54,640 --> 00:00:56,640 Speaker 3: higher today, but that was the task I was given, 20 00:00:56,640 --> 00:00:58,800 Speaker 3: and I think I found four of them eight and 21 00:00:58,840 --> 00:01:01,840 Speaker 3: a half percent to the upside. Four MP Materials and 22 00:01:02,080 --> 00:01:06,000 Speaker 3: USA Rare Earth's also up five percent today. US listed 23 00:01:06,120 --> 00:01:09,200 Speaker 3: Rare Earth and Critical mineral stocks rose today. They extended 24 00:01:09,240 --> 00:01:12,600 Speaker 3: gains after China unveiled new export curbs and the US 25 00:01:12,680 --> 00:01:15,959 Speaker 3: government got more involved in the industry. Joe Doe got 26 00:01:16,000 --> 00:01:17,680 Speaker 3: was on our program and he made the point that 27 00:01:17,920 --> 00:01:21,440 Speaker 3: the export controls were announced a couple nights ago from China, 28 00:01:21,520 --> 00:01:24,600 Speaker 3: but really gained a lot of attention in today's trade, 29 00:01:24,680 --> 00:01:26,760 Speaker 3: partly due and a big part of that had to 30 00:01:26,760 --> 00:01:29,640 Speaker 3: do with the President's comments a little earlier and the 31 00:01:30,120 --> 00:01:33,240 Speaker 3: increase in negotiating power that we're seeing when it comes 32 00:01:33,280 --> 00:01:36,120 Speaker 3: to certain things. Right on the US side, it's high 33 00:01:36,200 --> 00:01:38,720 Speaker 3: tech and chips, and on the Chinese side it is 34 00:01:38,800 --> 00:01:41,520 Speaker 3: these rare earths once again, MP materials and USA rare 35 00:01:41,520 --> 00:01:46,319 Speaker 3: earths up today in the trade. Also, Protagonist Therapeutics shares 36 00:01:46,400 --> 00:01:49,760 Speaker 3: soaring on the day today, this rising to an intra 37 00:01:49,840 --> 00:01:51,920 Speaker 3: day record after the Wall Street Journal reported that Johnson 38 00:01:51,920 --> 00:01:55,080 Speaker 3: and Johnson's in talks to buy the Biofarm affirm. It's 39 00:01:55,080 --> 00:01:58,360 Speaker 3: a clinical stage biofarm Affirm. Shares hired to the upside 40 00:01:58,360 --> 00:02:00,840 Speaker 3: of close to thirty percent. The company already has a 41 00:02:00,880 --> 00:02:03,920 Speaker 3: partnership with JJ to develop therapies for immune conditions, including 42 00:02:04,040 --> 00:02:08,600 Speaker 3: experimental treatment for plaque psoriasis and finally applied Digital shares 43 00:02:08,800 --> 00:02:12,320 Speaker 3: Hire today. This is the digital infrastructure and cloud services 44 00:02:12,320 --> 00:02:15,720 Speaker 3: provider based in Texas. The company did report earnings after 45 00:02:15,720 --> 00:02:18,400 Speaker 3: the belt yesterday. First quarter revenue was well ahead of 46 00:02:18,480 --> 00:02:21,440 Speaker 3: estimates due to one time income from tenant fit out services. 47 00:02:21,480 --> 00:02:24,160 Speaker 3: But the reason shairs are higher is because the firm 48 00:02:24,160 --> 00:02:27,080 Speaker 3: said it's now at advanced talks with a Hyperscaler client 49 00:02:27,080 --> 00:02:29,480 Speaker 3: for its second data center campus in North Dakota. Shared 50 00:02:29,520 --> 00:02:32,360 Speaker 3: today hired by more than sixteen percent. Katie and I 51 00:02:32,440 --> 00:02:32,720 Speaker 3: want to. 52 00:02:32,720 --> 00:02:35,000 Speaker 4: Take a quick sidebar here and go to France because 53 00:02:35,040 --> 00:02:37,560 Speaker 4: we do have some breaking news out of the French government, 54 00:02:37,639 --> 00:02:41,840 Speaker 4: and that is McCrone has renamed Sebastian Lecornou as France's 55 00:02:42,000 --> 00:02:46,480 Speaker 4: new prime minister. Definitely a shock here. We know, of 56 00:02:46,520 --> 00:02:49,040 Speaker 4: course that he lasted about twenty seven days I believe 57 00:02:49,160 --> 00:02:52,720 Speaker 4: was the number in this slot. But again here's the headline, 58 00:02:53,000 --> 00:02:56,880 Speaker 4: McCrone renaming Sebastian Lecornou as France's new prime minister. 59 00:02:57,240 --> 00:02:59,600 Speaker 5: All right, Katie, getting back to markets. It was a 60 00:02:59,639 --> 00:03:02,239 Speaker 5: Broad Bay sell off, so it wasn't hard to find 61 00:03:02,560 --> 00:03:05,080 Speaker 5: decliners today, but I did try and find a couple 62 00:03:05,120 --> 00:03:08,720 Speaker 5: companies that seemed to sell off related to some fundamental 63 00:03:08,760 --> 00:03:11,320 Speaker 5: news in addition to just the broader macro sell off. 64 00:03:11,639 --> 00:03:14,600 Speaker 5: Levi Strauss falling twelve percent today was the worst inter 65 00:03:14,720 --> 00:03:18,800 Speaker 5: day drop since April. After the genes makers upgraded earnings 66 00:03:18,840 --> 00:03:23,080 Speaker 5: guidance fell short of high investor expectations, so the stock 67 00:03:23,120 --> 00:03:26,360 Speaker 5: had rallied forty two percent heading into the print. Some 68 00:03:26,440 --> 00:03:29,720 Speaker 5: of that optimism was not met. One key disappointment, according 69 00:03:29,760 --> 00:03:32,520 Speaker 5: to analysts is that earnings growth for Levi's is failing 70 00:03:32,560 --> 00:03:36,160 Speaker 5: to match the pace of sales expansion, and it's due 71 00:03:36,200 --> 00:03:39,720 Speaker 5: to tariff and distribution costs. I'm also looking at Venture 72 00:03:39,760 --> 00:03:43,680 Speaker 5: Global falling twenty five percent, down the most since March. 73 00:03:43,720 --> 00:03:47,160 Speaker 5: This is all Liquefied Natural Gas Company lost a dispute 74 00:03:47,160 --> 00:03:50,360 Speaker 5: with BP today and involved the sale of LNG cargoes 75 00:03:50,400 --> 00:03:53,640 Speaker 5: from a Louisiana facility on the spot market rather than 76 00:03:53,680 --> 00:03:57,440 Speaker 5: to customers with long term contracts. Analysts were surprised by 77 00:03:57,480 --> 00:04:00,080 Speaker 5: the result of this dispute and the BP win and 78 00:04:00,160 --> 00:04:02,400 Speaker 5: view it as a negative with the potential impact of 79 00:04:02,440 --> 00:04:05,600 Speaker 5: over one billion dollars Provincial Global. So that's stock again 80 00:04:05,680 --> 00:04:08,680 Speaker 5: down over twenty five We're a little bit less than 81 00:04:08,720 --> 00:04:11,880 Speaker 5: twenty five percent decline for the day. Finally, we'll go 82 00:04:11,960 --> 00:04:14,800 Speaker 5: back to tech, that broad sell off. I'm looking specifically 83 00:04:14,840 --> 00:04:19,800 Speaker 5: at the Vanek Semiconductor ETF, the tickers s MH, the 84 00:04:19,880 --> 00:04:24,880 Speaker 5: top holdings Nvidia, TSMC, Broadcom. Listen, it's still up thirty 85 00:04:24,880 --> 00:04:27,480 Speaker 5: four percent year today, but it was getting hit pretty 86 00:04:27,480 --> 00:04:31,479 Speaker 5: hard today, falling almost six percent to close out the day. 87 00:04:31,800 --> 00:04:33,640 Speaker 1: All right, let's take a quick look at treasuries. We 88 00:04:33,680 --> 00:04:36,040 Speaker 1: did actually see a bid come back into that after 89 00:04:36,080 --> 00:04:39,520 Speaker 1: we had seen earlier in the week the exact opposite 90 00:04:39,640 --> 00:04:42,960 Speaker 1: that push yields down across the curve. Most of the 91 00:04:43,000 --> 00:04:45,320 Speaker 1: activity was kind of in the middle there, five, ten, 92 00:04:45,440 --> 00:04:48,320 Speaker 1: and twenty year down about eight basis points. And you 93 00:04:48,440 --> 00:04:50,720 Speaker 1: also see similar move on the thirty year. Your two 94 00:04:50,760 --> 00:04:53,520 Speaker 1: year yield down about seven basis points. And of course, 95 00:04:53,560 --> 00:04:56,400 Speaker 1: tim this scall seems to link back to concerns about 96 00:04:56,440 --> 00:04:59,800 Speaker 1: the US government shutdown. But then of course that accelerated 97 00:05:00,240 --> 00:05:02,640 Speaker 1: buying that we saw in that space after the social 98 00:05:02,680 --> 00:05:03,480 Speaker 1: media posts. 99 00:05:03,279 --> 00:05:03,960 Speaker 2: By the president. 100 00:05:04,040 --> 00:05:07,120 Speaker 1: Remember President Trump had just been touting just over the 101 00:05:07,200 --> 00:05:08,880 Speaker 1: last couple of weeks how he was looking forward to 102 00:05:08,920 --> 00:05:11,320 Speaker 1: meeting was she maybe some time towards the end of 103 00:05:11,320 --> 00:05:14,039 Speaker 1: this month or in beginning November, at least according to Trump, 104 00:05:14,040 --> 00:05:15,599 Speaker 1: I don't know, he doesn't see a reason to. 105 00:05:15,760 --> 00:05:18,000 Speaker 3: But it raises the question, Romayne, about whether or not 106 00:05:18,080 --> 00:05:21,039 Speaker 3: this is just the way that the president negotiates. I mean, 107 00:05:21,839 --> 00:05:23,880 Speaker 3: isn't this what he does? He does this in public. 108 00:05:24,240 --> 00:05:27,040 Speaker 3: He comes out with these statements. Sometimes they move markets, 109 00:05:27,080 --> 00:05:30,440 Speaker 3: sometimes they don't, and then maybe he does end up 110 00:05:30,560 --> 00:05:32,839 Speaker 3: meeting with whoever he's supposed to meet with, or he 111 00:05:32,880 --> 00:05:35,040 Speaker 3: does end up getting what he wants. That's what we've 112 00:05:35,040 --> 00:05:36,640 Speaker 3: seen play out over the last nine months. 113 00:05:36,800 --> 00:05:38,640 Speaker 5: And in terms of what this all means for the 114 00:05:38,640 --> 00:05:41,120 Speaker 5: equity market, we were just talking with Bloomberg News as 115 00:05:41,120 --> 00:05:44,360 Speaker 5: Alex Simonova. She pointed out that a lot of these 116 00:05:44,400 --> 00:05:48,000 Speaker 5: dips this year, even when it's related to geopolitical concerns, 117 00:05:48,000 --> 00:05:50,680 Speaker 5: to tariff concerns, the dips have been bought and so 118 00:05:50,720 --> 00:05:53,920 Speaker 5: we really haven't seen a large scale drawdown. Think about 119 00:05:53,960 --> 00:05:56,919 Speaker 5: what happened after Liberation Day. There was a massive rally. 120 00:05:56,920 --> 00:05:59,360 Speaker 5: If you were short at the market, you really got hurt. 121 00:05:59,360 --> 00:06:01,640 Speaker 5: So now it's kind of wait and see what happens. 122 00:06:01,760 --> 00:06:04,680 Speaker 5: Is this downturn more significant or do we just see 123 00:06:04,920 --> 00:06:06,080 Speaker 5: stocks rise on Monday. 124 00:06:06,120 --> 00:06:08,240 Speaker 4: I don't think I will ever forget what happened after 125 00:06:08,320 --> 00:06:11,640 Speaker 4: Liberation Day. Those were some amazing inter day charts. But 126 00:06:11,880 --> 00:06:13,880 Speaker 4: you know, it does raise the question whether or not 127 00:06:13,920 --> 00:06:15,919 Speaker 4: the fact that it is a Friday has something to 128 00:06:15,960 --> 00:06:19,479 Speaker 4: do with why we aren't seeing this dip get immediately bought. 129 00:06:19,520 --> 00:06:22,120 Speaker 4: There could be a hesitation out there to hold risk 130 00:06:22,279 --> 00:06:24,960 Speaker 4: into the weekend. We know that, you know, social media 131 00:06:25,120 --> 00:06:27,960 Speaker 4: never sleeps, so we could get more headlines then. But 132 00:06:28,120 --> 00:06:29,880 Speaker 4: we were talking about this a little bit earlier. I've 133 00:06:29,880 --> 00:06:32,160 Speaker 4: seen some folks raise the notion that maybe we'll see 134 00:06:32,160 --> 00:06:34,880 Speaker 4: a revival of the taco trade. That is, of course 135 00:06:34,920 --> 00:06:37,480 Speaker 4: the idea that Trump always chickens out. It's a little 136 00:06:37,520 --> 00:06:39,520 Speaker 4: bit rude, but it gets to the idea that this 137 00:06:39,600 --> 00:06:41,200 Speaker 4: could just be part of the negotiation. 138 00:06:41,600 --> 00:06:43,600 Speaker 1: Well, there's a bigger issue too here, which is also 139 00:06:43,640 --> 00:06:46,120 Speaker 1: the idea that this is also happening against the backdrop 140 00:06:46,160 --> 00:06:48,760 Speaker 1: of a ten day government shutdown that's deprived us of 141 00:06:48,880 --> 00:06:51,320 Speaker 1: the economic data that the market was sort of looking 142 00:06:51,360 --> 00:06:54,000 Speaker 1: to to try to divine what comes next with the FED. 143 00:06:54,200 --> 00:06:56,440 Speaker 1: We did get an update from the BLS saying that 144 00:06:56,480 --> 00:06:59,600 Speaker 1: they are recalling some people, so they maybe potentially get 145 00:06:59,600 --> 00:07:01,279 Speaker 1: that data out by the end of the month. The 146 00:07:01,279 --> 00:07:03,880 Speaker 1: CPI data that was supposed to come next week, they're 147 00:07:03,880 --> 00:07:06,680 Speaker 1: now saying that that could actually be cobbled together also 148 00:07:06,800 --> 00:07:08,920 Speaker 1: before the end of the month. But again, I mean, 149 00:07:08,920 --> 00:07:11,840 Speaker 1: we're kind of just piecing this together here a willy nilly, 150 00:07:12,160 --> 00:07:14,400 Speaker 1: And that means that if you are a bull, what 151 00:07:14,440 --> 00:07:17,360 Speaker 1: conviction do you have to buy into this without any earnings, 152 00:07:17,360 --> 00:07:20,920 Speaker 1: without any economic data, and without any semblance of peace 153 00:07:21,240 --> 00:07:22,360 Speaker 1: in the tariff trade. 154 00:07:22,120 --> 00:07:23,440 Speaker 3: War, Well you're not going to have to wait long 155 00:07:23,480 --> 00:07:25,800 Speaker 3: to get earnings information. We hear from some of the 156 00:07:25,800 --> 00:07:28,360 Speaker 3: big banks next week. We got Goldman City Group, Bank 157 00:07:28,400 --> 00:07:31,040 Speaker 3: of America, they're among the banks that are reporting next week. 158 00:07:31,080 --> 00:07:32,640 Speaker 3: And I think people are going to look really closely 159 00:07:32,680 --> 00:07:34,880 Speaker 3: at commentary that we hear from Bank of America and 160 00:07:34,880 --> 00:07:38,080 Speaker 3: Brian moynihan about the quality of spending when it comes 161 00:07:38,120 --> 00:07:40,680 Speaker 3: to consumers, about the extent that consumers are using their 162 00:07:40,680 --> 00:07:42,160 Speaker 3: debit cards, how much cash they have. 163 00:07:42,160 --> 00:07:44,560 Speaker 1: How much Can I give you my contrarian take on that, please, 164 00:07:44,680 --> 00:07:46,440 Speaker 1: I actually think it's going to be less important, why 165 00:07:46,920 --> 00:07:49,320 Speaker 1: because we already know they're doing well. And I feel 166 00:07:49,360 --> 00:07:51,520 Speaker 1: like the banks and forgive me if any of the 167 00:07:51,520 --> 00:07:54,200 Speaker 1: big banks are watching. But you're not really representative right 168 00:07:54,240 --> 00:07:57,280 Speaker 1: now of the economy large. You're representative of a very 169 00:07:57,400 --> 00:07:59,640 Speaker 1: sort of narrow slice of the financial economy. 170 00:08:00,040 --> 00:08:02,120 Speaker 3: Bank of America that that banks, you know, banks, so 171 00:08:02,160 --> 00:08:02,760 Speaker 3: many people. 172 00:08:03,080 --> 00:08:04,200 Speaker 4: Yeah, I mean people. 173 00:08:04,200 --> 00:08:06,400 Speaker 1: We'll get insights, but I don't. But I would rather 174 00:08:06,440 --> 00:08:08,440 Speaker 1: wait to hear from the other companies that are selling 175 00:08:08,440 --> 00:08:12,080 Speaker 1: directly uh to the consumer. And more importantly, what about 176 00:08:12,080 --> 00:08:14,240 Speaker 1: the AI trade and the capex spend there, because that 177 00:08:14,280 --> 00:08:16,400 Speaker 1: has been the driver of GDP. So that's what I 178 00:08:16,440 --> 00:08:18,480 Speaker 1: want to hear. That's just Jason. 179 00:08:18,600 --> 00:08:20,800 Speaker 4: Now, it's somehow going to be the most important week 180 00:08:20,840 --> 00:08:22,160 Speaker 4: of bank earnings we've ever seen. 181 00:08:23,680 --> 00:08:24,320 Speaker 1: And I'll be gone. 182 00:08:24,720 --> 00:08:25,800 Speaker 3: I will be gone as well. 183 00:08:25,960 --> 00:08:26,120 Speaker 2: Yeah. 184 00:08:26,160 --> 00:08:28,040 Speaker 3: Are we going on vacation. We're going on vacation to 185 00:08:29,400 --> 00:08:30,360 Speaker 3: al you guys. 186 00:08:30,400 --> 00:08:32,600 Speaker 1: I'm going a bike ride. I'm playing a bike ride 187 00:08:32,600 --> 00:08:34,480 Speaker 1: with Tim as a tandem BikeE way. 188 00:08:34,559 --> 00:08:35,360 Speaker 2: I'm going to be in the back. 189 00:08:35,400 --> 00:08:36,600 Speaker 1: I'm letting do all the pedalment. 190 00:08:36,720 --> 00:08:41,840 Speaker 2: All right. We got this stock movers report from Bloomberg Radio. 191 00:08:42,320 --> 00:08:44,480 Speaker 2: Check back with us throughout the day for the latest 192 00:08:44,520 --> 00:08:47,720 Speaker 2: roundup of companies making news on Wall Street and for 193 00:08:47,840 --> 00:08:51,760 Speaker 2: the latest market moving headlines. Listen to Bloomberg Radio Live. 194 00:08:52,160 --> 00:08:55,760 Speaker 2: Catch us on YouTube, Bloomberg dot com, and on Applecarplay 195 00:08:55,800 --> 00:08:58,400 Speaker 2: and Android Auto with the Bloomberg Business app.