00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic here with Emily Grafeo.
00:05Taking you through to that closing bell, it's a global simulcast.
00:08Carol Masser joins us now alongside Tim Senevic.
00:11Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:15our partnership with YouTube, where we're looking at a sell-off in the equity market
00:19and a sell-off in the bond market as well.
00:22And let's just face it, that's sort of been the theme as of late.
00:25That's exactly deja vu all over again.
00:27We've seen this story before.
00:28So I'm thinking about a lot of things that are coming at investors this week.
00:31We do get reads on inflation.
00:33That'll be important.
00:33We'll get the monthly jobs report on Friday.
00:35So we'll see what that means for what we get from the Fed for the rest of the year.
00:39We've got, what, two more meetings, I believe.
00:41And the other thing is we've got Micron earnings, guys.
00:44So that'll also be something potentially very important when it comes to sentiment in the semi-space.
00:49Well, not just so Micron this week, but then we start to think about what happens at the end of
00:53the quarter
00:54and the beginning of the next quarter, Emily, and that's bank earnings.
00:57So we'll start to hear from those banks at the early part of October, get a read not just on
01:02how those companies did,
01:04but potentially also on the state of the consumer, which is something that I look forward to seeing in the
01:08early part of the month.
01:09Yeah.
01:09And all that eco data coming this week really begs the question,
01:13is a stronger economy going to merit higher interest rates and therefore something that's actually not good for risk assets
01:22worldwide?
01:22And it raises a lot of questions as to sort of where the actual line in the sand.
01:26It's kind of interesting to see the people on Bloomberg television today.
01:29Rashir Sharma saying, look, at 5.2 percent on a 10-year yield,
01:32you are talking about the potential to actually bring the AI boom, if not to a halt, to certainly slow
01:38it.
01:38Meanwhile, you had Bob Michael on on Bloomberg surveillance this morning as a bond investor.
01:43He's looking at 5.3 and basically thinking to himself, this might be the peak in yields and maybe time
01:48to buy.
01:49At least for right now, not a time to buy in the equity market with the Dow Jones Industrial Average
01:53losing more than 300 points or 7 tenths of a percent.
01:56The S&P down about 59 points or 8 tenths of a percent.
01:59The Nasdaq Composite and Nasdaq 100, each losing about a percent on the day.
02:04And the Russell 2000 lower by about 20 points or 7 tenths of one percent.
02:09All right, guys, let's go to the S&P 500.
02:12And when you look at the large caps, most names were lower, Emily, in today's session.
02:16You had 334 names losing ground on this Monday.
02:19165, though, posting higher numbers here for unchanged.
02:24All right.
02:24And if we head to the IMAP, it's a lot of red today, just three sectors in the green, consumer
02:31staples, health care and energy.
02:33But most of those sectors dragging today, communication services, consumer discretionary and financials, the biggest laggards in the S&P
02:42500.
02:42All right, guys, let's get to some of the individual gainers, if I may.
02:47And I'm going to start with NVIDIA and just taking a look.
02:50It was a top gain.
02:52I'm just looking.
02:53It wasn't.
02:54Okay.
02:54Sorry.
02:55I had to just check my numbers.
02:57NVIDIA was up about 1.6%.
02:59I was looking to see it was top in the major indices.
03:02It was high as 3.6%, but by the close, pairing some of that gain, still up about 1.7%.
03:08We know the story.
03:09I'm sure you guys were covering it.
03:11Increasing the size of its share buyback planned by $150 billion.
03:14So the total remaining authorized amount to $235 billion.
03:19That's a lot.
03:20The company expects to complete the program through fiscal 2028, according to a statement it put out.
03:25The other thing that's kind of interesting on this name, NVIDIA introduced a new AI security system to run its
03:30hardware,
03:31which the company said would have prevented the hugging face attack.
03:35So we are certainly focused on this one.
03:37The stock is up about 24% year-to-date versus about a 76% gain in the stocks for
03:43comparison.
03:44All right.
03:44Let's go on over to a name that was number one in the S&P 500 and the NASDAQ 100.
03:50We're talking about Palo Alto Networks.
03:53Finishing off its best levels of the day, but it was still good enough for a gain of about 4
03:56.6%.
03:58BTIG analyst Gray Powell raising the firm's price target to $425 from $404, a share keeping a buy rating said
04:06they met with the company's senior VP of investor relations
04:09and reconstructing the product-level revenue build in its model to better understand the growth potential within the Palo Alto
04:16platform.
04:17The firm, BTIG, coming away from its discussion with constructive data points on a couple different things.
04:23Nonetheless, we saw this one higher.
04:25And then just real quick, Kodiak Science is up 177% in today's session, soaring the most ever.
04:32This company, it's a drug developer, said two of its experimental drugs met their primary endpoints in a late-stage
04:39study for an eye disease.
04:40So certainly off and running.
04:43All right.
04:43Let's talk a little bit about some of the stocks that moved lower today.
04:45I want to start with shares of MongoDB fell more than 18%.
04:49It's the worst day going back to March 3rd.
04:51This after we learned that Meta Platforms has tapped MongoDB's president and CEO, CJ Desai, to lead a new AI
04:59platform for enterprise customers.
05:01Shares of MongoDB down.
05:02Wow.
05:03Shed about $6.1 billion just on that news today.
05:07Also, shares of Boeing under pressure today.
05:09The FAA holding off on certification of Boeing 737 MAX 10 variant due to a new software issue.
05:15The FAA determining whether the software concern constitutes a safety of flight issue.
05:20Shares down by about 7% on the day today.
05:23And finally, checking in on shares of Meta.
05:25Down from last week, about 8% just in the last two sessions.
05:30So Friday's declined, then this declined.
05:31About 8% off of those last week.
05:34This after Mark Zuckerberg introduced Meta Enterprise Platform.
05:38That's where CJ Desai is going.
05:40It'll initially focus on bringing the Muse agent, Meta business agent, Muse API, Muse code, and its full tech stack
05:45to more business and developers, Romain.
05:48All right.
05:48Let's take a look at yields.
05:49The 10-year Treasury yield has risen for four straight weeks coming into today.
05:53And it starts week five looking like it's moving in the same direction.
05:57Yields up about seven basis points on the 10-year, seven basis points on the two-year, and about five
06:03to six on the longer end of the curve.
06:05We should point out at one point on the day, the 10-year yield actually surged as much as 11
06:09basis points.
06:10That's only the sixth time this year the benchmark has risen.
06:13Intraday, 10 points or more in a single session.
06:16Yeah, and I think it's safe to say at this point, you know, we're just trying to figure out how
06:19much higher we can go.
06:21We've got to watch what's going on in the Middle East, obviously, and we've got to watch energy prices.
06:25I feel like, Tim, all of our guests keep making that connection.
06:27Yeah, and, you know, I think the challenge that it's political, too, especially as we get so close to midterms.
06:34I mean, President Trump and a lot of Republicans are facing a lot of challenges as we do get closer
06:38to midterms about a cost of living situation that has not improved for a lot of Americans, at least how
06:43that's how they perceive it.
06:44So you're, in fact, starting to see some Republicans turn on this war, too, Romain.
06:48Yeah, absolutely, guys.
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