Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Taking a look at in the S and P five
Speaker 3: hundred and deeper dive in there, pulling back the layers.
Speaker 3: Things don't look so good if you're long this market.
Speaker 3: Four hundred and twenty five stocks the downside, only seventy
Speaker 3: eight stocks in the green today, Katie, all right.
Speaker 4: Let's take a look at the circle at the sectors.
Speaker 4: What the performance there looks like. It's not good. You
Speaker 4: only have one spot of green there, and that is
Speaker 4: consumer staples up about a third of a percent. Just
Speaker 4: tells you what a defensive trade this is today. You
Speaker 4: think about what the big loser here is, and it's
Speaker 4: Tech down about four percent as a sector. Of those
Speaker 4: chip names in particular hit hard, but really right across
Speaker 4: the board.
Speaker 3: Tim Well, it was tough to find stocks that moved
Speaker 3: higher today, but that was the task I was given,
Speaker 3: and I think I found four of them eight and
Speaker 3: a half percent to the upside. Four MP Materials and
Speaker 3: USA Rare Earth's also up five percent today. US listed
Speaker 3: Rare Earth and Critical mineral stocks rose today. They extended
Speaker 3: gains after China unveiled new export curbs and the US
Speaker 3: government got more involved in the industry. Joe Doe got
Speaker 3: was on our program and he made the point that
Speaker 3: the export controls were announced a couple nights ago from China,
Speaker 3: but really gained a lot of attention in today's trade,
Speaker 3: partly due and a big part of that had to
Speaker 3: do with the President's comments a little earlier and the
Speaker 3: increase in negotiating power that we're seeing when it comes
Speaker 3: to certain things. Right on the US side, it's high
Speaker 3: tech and chips, and on the Chinese side it is
Speaker 3: these rare earths once again, MP materials and USA rare
Speaker 3: earths up today in the trade. Also, Protagonist Therapeutics shares
Speaker 3: soaring on the day today, this rising to an intra
Speaker 3: day record after the Wall Street Journal reported that Johnson
Speaker 3: and Johnson's in talks to buy the Biofarm affirm. It's
Speaker 3: a clinical stage biofarm Affirm. Shares hired to the upside
Speaker 3: of close to thirty percent. The company already has a
Speaker 3: partnership with JJ to develop therapies for immune conditions, including
Speaker 3: experimental treatment for plaque psoriasis and finally applied Digital shares
Speaker 3: Hire today. This is the digital infrastructure and cloud services
Speaker 3: provider based in Texas. The company did report earnings after
Speaker 3: the belt yesterday. First quarter revenue was well ahead of
Speaker 3: estimates due to one time income from tenant fit out services.
Speaker 3: But the reason shairs are higher is because the firm
Speaker 3: said it's now at advanced talks with a Hyperscaler client
Speaker 3: for its second data center campus in North Dakota. Shared
Speaker 3: today hired by more than sixteen percent. Katie and I
Speaker 3: want to.
Speaker 4: Take a quick sidebar here and go to France because
Speaker 4: we do have some breaking news out of the French government,
Speaker 4: and that is McCrone has renamed Sebastian Lecornou as France's
Speaker 4: new prime minister. Definitely a shock here. We know, of
Speaker 4: course that he lasted about twenty seven days I believe
Speaker 4: was the number in this slot. But again here's the headline,
Speaker 4: McCrone renaming Sebastian Lecornou as France's new prime minister.
Speaker 5: All right, Katie, getting back to markets. It was a
Speaker 5: Broad Bay sell off, so it wasn't hard to find
Speaker 5: decliners today, but I did try and find a couple
Speaker 5: companies that seemed to sell off related to some fundamental
Speaker 5: news in addition to just the broader macro sell off.
Speaker 5: Levi Strauss falling twelve percent today was the worst inter
Speaker 5: day drop since April. After the genes makers upgraded earnings
Speaker 5: guidance fell short of high investor expectations, so the stock
Speaker 5: had rallied forty two percent heading into the print. Some
Speaker 5: of that optimism was not met. One key disappointment, according
Speaker 5: to analysts is that earnings growth for Levi's is failing
Speaker 5: to match the pace of sales expansion, and it's due
Speaker 5: to tariff and distribution costs. I'm also looking at Venture
Speaker 5: Global falling twenty five percent, down the most since March.
Speaker 5: This is all Liquefied Natural Gas Company lost a dispute
Speaker 5: with BP today and involved the sale of LNG cargoes
Speaker 5: from a Louisiana facility on the spot market rather than
Speaker 5: to customers with long term contracts. Analysts were surprised by
Speaker 5: the result of this dispute and the BP win and
Speaker 5: view it as a negative with the potential impact of
Speaker 5: over one billion dollars Provincial Global. So that's stock again
Speaker 5: down over twenty five We're a little bit less than
Speaker 5: twenty five percent decline for the day. Finally, we'll go
Speaker 5: back to tech, that broad sell off. I'm looking specifically
Speaker 5: at the Vanek Semiconductor ETF, the tickers s MH, the
Speaker 5: top holdings Nvidia, TSMC, Broadcom. Listen, it's still up thirty
Speaker 5: four percent year today, but it was getting hit pretty
Speaker 5: hard today, falling almost six percent to close out the day.
Speaker 1: All right, let's take a quick look at treasuries. We
Speaker 1: did actually see a bid come back into that after
Speaker 1: we had seen earlier in the week the exact opposite
Speaker 1: that push yields down across the curve. Most of the
Speaker 1: activity was kind of in the middle there, five, ten,
Speaker 1: and twenty year down about eight basis points. And you
Speaker 1: also see similar move on the thirty year. Your two
Speaker 1: year yield down about seven basis points. And of course,
Speaker 1: tim this scall seems to link back to concerns about
Speaker 1: the US government shutdown. But then of course that accelerated
Speaker 1: buying that we saw in that space after the social
Speaker 1: media posts.
Speaker 2: By the president.
Speaker 1: Remember President Trump had just been touting just over the
Speaker 1: last couple of weeks how he was looking forward to
Speaker 1: meeting was she maybe some time towards the end of
Speaker 1: this month or in beginning November, at least according to Trump,
Speaker 1: I don't know, he doesn't see a reason to.
Speaker 3: But it raises the question, Romayne, about whether or not
Speaker 3: this is just the way that the president negotiates. I mean,
Speaker 3: isn't this what he does? He does this in public.
Speaker 3: He comes out with these statements. Sometimes they move markets,
Speaker 3: sometimes they don't, and then maybe he does end up
Speaker 3: meeting with whoever he's supposed to meet with, or he
Speaker 3: does end up getting what he wants. That's what we've
Speaker 3: seen play out over the last nine months.
Speaker 5: And in terms of what this all means for the
Speaker 5: equity market, we were just talking with Bloomberg News as
Speaker 5: Alex Simonova. She pointed out that a lot of these
Speaker 5: dips this year, even when it's related to geopolitical concerns,
Speaker 5: to tariff concerns, the dips have been bought and so
Speaker 5: we really haven't seen a large scale drawdown. Think about
Speaker 5: what happened after Liberation Day. There was a massive rally.
Speaker 5: If you were short at the market, you really got hurt.
Speaker 5: So now it's kind of wait and see what happens.
Speaker 5: Is this downturn more significant or do we just see
Speaker 5: stocks rise on Monday.
Speaker 4: I don't think I will ever forget what happened after
Speaker 4: Liberation Day. Those were some amazing inter day charts. But
Speaker 4: you know, it does raise the question whether or not
Speaker 4: the fact that it is a Friday has something to
Speaker 4: do with why we aren't seeing this dip get immediately bought.
Speaker 4: There could be a hesitation out there to hold risk
Speaker 4: into the weekend. We know that, you know, social media
Speaker 4: never sleeps, so we could get more headlines then. But
Speaker 4: we were talking about this a little bit earlier. I've
Speaker 4: seen some folks raise the notion that maybe we'll see
Speaker 4: a revival of the taco trade. That is, of course
Speaker 4: the idea that Trump always chickens out. It's a little
Speaker 4: bit rude, but it gets to the idea that this
Speaker 4: could just be part of the negotiation.
Speaker 1: Well, there's a bigger issue too here, which is also
Speaker 1: the idea that this is also happening against the backdrop
Speaker 1: of a ten day government shutdown that's deprived us of
Speaker 1: the economic data that the market was sort of looking
Speaker 1: to to try to divine what comes next with the FED.
Speaker 1: We did get an update from the BLS saying that
Speaker 1: they are recalling some people, so they maybe potentially get
Speaker 1: that data out by the end of the month. The
Speaker 1: CPI data that was supposed to come next week, they're
Speaker 1: now saying that that could actually be cobbled together also
Speaker 1: before the end of the month. But again, I mean,
Speaker 1: we're kind of just piecing this together here a willy nilly,
Speaker 1: And that means that if you are a bull, what
Speaker 1: conviction do you have to buy into this without any earnings,
Speaker 1: without any economic data, and without any semblance of peace
Speaker 1: in the tariff trade.
Speaker 3: War, Well you're not going to have to wait long
Speaker 3: to get earnings information. We hear from some of the
Speaker 3: big banks next week. We got Goldman City Group, Bank
Speaker 3: of America, they're among the banks that are reporting next week.
Speaker 3: And I think people are going to look really closely
Speaker 3: at commentary that we hear from Bank of America and
Speaker 3: Brian moynihan about the quality of spending when it comes
Speaker 3: to consumers, about the extent that consumers are using their
Speaker 3: debit cards, how much cash they have.
Speaker 1: How much Can I give you my contrarian take on that, please,
Speaker 1: I actually think it's going to be less important, why
Speaker 1: because we already know they're doing well. And I feel
Speaker 1: like the banks and forgive me if any of the
Speaker 1: big banks are watching. But you're not really representative right
Speaker 1: now of the economy large. You're representative of a very
Speaker 1: sort of narrow slice of the financial economy.
Speaker 3: Bank of America that that banks, you know, banks, so
Speaker 3: many people.
Speaker 4: Yeah, I mean people.
Speaker 1: We'll get insights, but I don't. But I would rather
Speaker 1: wait to hear from the other companies that are selling
Speaker 1: directly uh to the consumer. And more importantly, what about
Speaker 1: the AI trade and the capex spend there, because that
Speaker 1: has been the driver of GDP. So that's what I
Speaker 1: want to hear. That's just Jason.
Speaker 4: Now, it's somehow going to be the most important week
Speaker 4: of bank earnings we've ever seen.
Speaker 1: And I'll be gone.
Speaker 3: I will be gone as well.
Speaker 2: Yeah.
Speaker 3: Are we going on vacation. We're going on vacation to
Speaker 3: al you guys.
Speaker 1: I'm going a bike ride. I'm playing a bike ride
Speaker 1: with Tim as a tandem BikeE way.
Speaker 2: I'm going to be in the back.
Speaker 1: I'm letting do all the pedalment.
Speaker 2: All right. We got this stock movers report from Bloomberg Radio.
Speaker 2: Check back with us throughout the day for the latest
Speaker 2: roundup of companies making news on Wall Street and for
Speaker 2: the latest market moving headlines. Listen to Bloomberg Radio Live.
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