WEBVTT -  Closing Bell: MP Materials Rallies, Levi, Venture Global 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>Taking a look at in the S and P five

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<v Speaker 3>hundred and deeper dive in there, pulling back the layers.

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<v Speaker 3>Things don't look so good if you're long this market.

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<v Speaker 3>Four hundred and twenty five stocks the downside, only seventy

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<v Speaker 3>eight stocks in the green today, Katie, all right.

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<v Speaker 4>Let's take a look at the circle at the sectors.

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<v Speaker 4>What the performance there looks like. It's not good. You

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<v Speaker 4>only have one spot of green there, and that is

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<v Speaker 4>consumer staples up about a third of a percent. Just

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<v Speaker 4>tells you what a defensive trade this is today. You

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<v Speaker 4>think about what the big loser here is, and it's

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<v Speaker 4>Tech down about four percent as a sector. Of those

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<v Speaker 4>chip names in particular hit hard, but really right across

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<v Speaker 4>the board.

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<v Speaker 3>Tim Well, it was tough to find stocks that moved

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<v Speaker 3>higher today, but that was the task I was given,

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<v Speaker 3>and I think I found four of them eight and

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<v Speaker 3>a half percent to the upside. Four MP Materials and

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<v Speaker 3>USA Rare Earth's also up five percent today. US listed

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<v Speaker 3>Rare Earth and Critical mineral stocks rose today. They extended

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<v Speaker 3>gains after China unveiled new export curbs and the US

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<v Speaker 3>government got more involved in the industry. Joe Doe got

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<v Speaker 3>was on our program and he made the point that

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<v Speaker 3>the export controls were announced a couple nights ago from China,

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<v Speaker 3>but really gained a lot of attention in today's trade,

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<v Speaker 3>partly due and a big part of that had to

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<v Speaker 3>do with the President's comments a little earlier and the

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<v Speaker 3>increase in negotiating power that we're seeing when it comes

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<v Speaker 3>to certain things. Right on the US side, it's high

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<v Speaker 3>tech and chips, and on the Chinese side it is

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<v Speaker 3>these rare earths once again, MP materials and USA rare

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<v Speaker 3>earths up today in the trade. Also, Protagonist Therapeutics shares

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<v Speaker 3>soaring on the day today, this rising to an intra

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<v Speaker 3>day record after the Wall Street Journal reported that Johnson

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<v Speaker 3>and Johnson's in talks to buy the Biofarm affirm. It's

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<v Speaker 3>a clinical stage biofarm Affirm. Shares hired to the upside

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<v Speaker 3>of close to thirty percent. The company already has a

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<v Speaker 3>partnership with JJ to develop therapies for immune conditions, including

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<v Speaker 3>experimental treatment for plaque psoriasis and finally applied Digital shares

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<v Speaker 3>Hire today. This is the digital infrastructure and cloud services

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<v Speaker 3>provider based in Texas. The company did report earnings after

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<v Speaker 3>the belt yesterday. First quarter revenue was well ahead of

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<v Speaker 3>estimates due to one time income from tenant fit out services.

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<v Speaker 3>But the reason shairs are higher is because the firm

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<v Speaker 3>said it's now at advanced talks with a Hyperscaler client

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<v Speaker 3>for its second data center campus in North Dakota. Shared

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<v Speaker 3>today hired by more than sixteen percent. Katie and I

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<v Speaker 3>want to.

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<v Speaker 4>Take a quick sidebar here and go to France because

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<v Speaker 4>we do have some breaking news out of the French government,

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<v Speaker 4>and that is McCrone has renamed Sebastian Lecornou as France's

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<v Speaker 4>new prime minister. Definitely a shock here. We know, of

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<v Speaker 4>course that he lasted about twenty seven days I believe

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<v Speaker 4>was the number in this slot. But again here's the headline,

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<v Speaker 4>McCrone renaming Sebastian Lecornou as France's new prime minister.

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<v Speaker 5>All right, Katie, getting back to markets. It was a

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<v Speaker 5>Broad Bay sell off, so it wasn't hard to find

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<v Speaker 5>decliners today, but I did try and find a couple

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<v Speaker 5>companies that seemed to sell off related to some fundamental

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<v Speaker 5>news in addition to just the broader macro sell off.

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<v Speaker 5>Levi Strauss falling twelve percent today was the worst inter

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<v Speaker 5>day drop since April. After the genes makers upgraded earnings

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<v Speaker 5>guidance fell short of high investor expectations, so the stock

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<v Speaker 5>had rallied forty two percent heading into the print. Some

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<v Speaker 5>of that optimism was not met. One key disappointment, according

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<v Speaker 5>to analysts is that earnings growth for Levi's is failing

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<v Speaker 5>to match the pace of sales expansion, and it's due

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<v Speaker 5>to tariff and distribution costs. I'm also looking at Venture

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<v Speaker 5>Global falling twenty five percent, down the most since March.

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<v Speaker 5>This is all Liquefied Natural Gas Company lost a dispute

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<v Speaker 5>with BP today and involved the sale of LNG cargoes

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<v Speaker 5>from a Louisiana facility on the spot market rather than

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<v Speaker 5>to customers with long term contracts. Analysts were surprised by

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<v Speaker 5>the result of this dispute and the BP win and

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<v Speaker 5>view it as a negative with the potential impact of

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<v Speaker 5>over one billion dollars Provincial Global. So that's stock again

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<v Speaker 5>down over twenty five We're a little bit less than

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<v Speaker 5>twenty five percent decline for the day. Finally, we'll go

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<v Speaker 5>back to tech, that broad sell off. I'm looking specifically

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<v Speaker 5>at the Vanek Semiconductor ETF, the tickers s MH, the

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<v Speaker 5>top holdings Nvidia, TSMC, Broadcom. Listen, it's still up thirty

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<v Speaker 5>four percent year today, but it was getting hit pretty

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<v Speaker 5>hard today, falling almost six percent to close out the day.

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<v Speaker 1>All right, let's take a quick look at treasuries. We

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<v Speaker 1>did actually see a bid come back into that after

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<v Speaker 1>we had seen earlier in the week the exact opposite

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<v Speaker 1>that push yields down across the curve. Most of the

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<v Speaker 1>activity was kind of in the middle there, five, ten,

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<v Speaker 1>and twenty year down about eight basis points. And you

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<v Speaker 1>also see similar move on the thirty year. Your two

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<v Speaker 1>year yield down about seven basis points. And of course,

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<v Speaker 1>tim this scall seems to link back to concerns about

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<v Speaker 1>the US government shutdown. But then of course that accelerated

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<v Speaker 1>buying that we saw in that space after the social

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<v Speaker 1>media posts.

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<v Speaker 2>By the president.

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<v Speaker 1>Remember President Trump had just been touting just over the

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<v Speaker 1>last couple of weeks how he was looking forward to

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<v Speaker 1>meeting was she maybe some time towards the end of

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<v Speaker 1>this month or in beginning November, at least according to Trump,

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<v Speaker 1>I don't know, he doesn't see a reason to.

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<v Speaker 3>But it raises the question, Romayne, about whether or not

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<v Speaker 3>this is just the way that the president negotiates. I mean,

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<v Speaker 3>isn't this what he does? He does this in public.

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<v Speaker 3>He comes out with these statements. Sometimes they move markets,

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<v Speaker 3>sometimes they don't, and then maybe he does end up

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<v Speaker 3>meeting with whoever he's supposed to meet with, or he

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<v Speaker 3>does end up getting what he wants. That's what we've

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<v Speaker 3>seen play out over the last nine months.

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<v Speaker 5>And in terms of what this all means for the

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<v Speaker 5>equity market, we were just talking with Bloomberg News as

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<v Speaker 5>Alex Simonova. She pointed out that a lot of these

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<v Speaker 5>dips this year, even when it's related to geopolitical concerns,

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<v Speaker 5>to tariff concerns, the dips have been bought and so

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<v Speaker 5>we really haven't seen a large scale drawdown. Think about

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<v Speaker 5>what happened after Liberation Day. There was a massive rally.

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<v Speaker 5>If you were short at the market, you really got hurt.

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<v Speaker 5>So now it's kind of wait and see what happens.

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<v Speaker 5>Is this downturn more significant or do we just see

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<v Speaker 5>stocks rise on Monday.

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<v Speaker 4>I don't think I will ever forget what happened after

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<v Speaker 4>Liberation Day. Those were some amazing inter day charts. But

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<v Speaker 4>you know, it does raise the question whether or not

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<v Speaker 4>the fact that it is a Friday has something to

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<v Speaker 4>do with why we aren't seeing this dip get immediately bought.

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<v Speaker 4>There could be a hesitation out there to hold risk

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<v Speaker 4>into the weekend. We know that, you know, social media

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<v Speaker 4>never sleeps, so we could get more headlines then. But

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<v Speaker 4>we were talking about this a little bit earlier. I've

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<v Speaker 4>seen some folks raise the notion that maybe we'll see

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<v Speaker 4>a revival of the taco trade. That is, of course

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<v Speaker 4>the idea that Trump always chickens out. It's a little

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<v Speaker 4>bit rude, but it gets to the idea that this

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<v Speaker 4>could just be part of the negotiation.

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<v Speaker 1>Well, there's a bigger issue too here, which is also

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<v Speaker 1>the idea that this is also happening against the backdrop

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<v Speaker 1>of a ten day government shutdown that's deprived us of

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<v Speaker 1>the economic data that the market was sort of looking

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<v Speaker 1>to to try to divine what comes next with the FED.

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<v Speaker 1>We did get an update from the BLS saying that

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<v Speaker 1>they are recalling some people, so they maybe potentially get

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<v Speaker 1>that data out by the end of the month. The

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<v Speaker 1>CPI data that was supposed to come next week, they're

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<v Speaker 1>now saying that that could actually be cobbled together also

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<v Speaker 1>before the end of the month. But again, I mean,

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<v Speaker 1>we're kind of just piecing this together here a willy nilly,

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<v Speaker 1>And that means that if you are a bull, what

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<v Speaker 1>conviction do you have to buy into this without any earnings,

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<v Speaker 1>without any economic data, and without any semblance of peace

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<v Speaker 1>in the tariff trade.

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<v Speaker 3>War, Well you're not going to have to wait long

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<v Speaker 3>to get earnings information. We hear from some of the

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<v Speaker 3>big banks next week. We got Goldman City Group, Bank

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<v Speaker 3>of America, they're among the banks that are reporting next week.

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<v Speaker 3>And I think people are going to look really closely

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<v Speaker 3>at commentary that we hear from Bank of America and

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<v Speaker 3>Brian moynihan about the quality of spending when it comes

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<v Speaker 3>to consumers, about the extent that consumers are using their

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<v Speaker 3>debit cards, how much cash they have.

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<v Speaker 1>How much Can I give you my contrarian take on that, please,

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<v Speaker 1>I actually think it's going to be less important, why

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<v Speaker 1>because we already know they're doing well. And I feel

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<v Speaker 1>like the banks and forgive me if any of the

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<v Speaker 1>big banks are watching. But you're not really representative right

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<v Speaker 1>now of the economy large. You're representative of a very

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<v Speaker 1>sort of narrow slice of the financial economy.

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<v Speaker 3>Bank of America that that banks, you know, banks, so

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<v Speaker 3>many people.

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<v Speaker 4>Yeah, I mean people.

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<v Speaker 1>We'll get insights, but I don't. But I would rather

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<v Speaker 1>wait to hear from the other companies that are selling

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<v Speaker 1>directly uh to the consumer. And more importantly, what about

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<v Speaker 1>the AI trade and the capex spend there, because that

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<v Speaker 1>has been the driver of GDP. So that's what I

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<v Speaker 1>want to hear. That's just Jason.

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<v Speaker 4>Now, it's somehow going to be the most important week

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<v Speaker 4>of bank earnings we've ever seen.

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<v Speaker 1>And I'll be gone.

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<v Speaker 3>I will be gone as well.

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<v Speaker 2>Yeah.

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<v Speaker 3>Are we going on vacation. We're going on vacation to

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<v Speaker 3>al you guys.

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<v Speaker 1>I'm going a bike ride. I'm playing a bike ride

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<v Speaker 1>with Tim as a tandem BikeE way.

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<v Speaker 2>I'm going to be in the back.

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<v Speaker 1>I'm letting do all the pedalment.

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<v Speaker 2>All right. We got this stock movers report from Bloomberg Radio.

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<v Speaker 2>Check back with us throughout the day for the latest

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<v Speaker 2>roundup of companies making news on Wall Street and for

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<v Speaker 2>the latest market moving headlines. Listen to Bloomberg Radio Live.

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<v Speaker 2>Catch us on YouTube, Bloomberg dot com, and on Applecarplay

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<v Speaker 2>and Android Auto with the Bloomberg Business app.