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