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This is the closing bell on this stock movers report the company's making moves at the close of US trading with Carol Masser, Tim Stenovak, Romain Bostik, and Katie Greifeld.
It's a global simulcast. Carol Massler and Tim Stendek join us. Now, welcome to our audiences across all of our Bloomberg platforms. On an incredibly volatile day in financial markets. Carol Masser, it's not just equities, it's everything in between. Here a market that continues to be bounced around by the situation in the Middle East.
Yeah, I mean I had so many names that are on my gainer's list. I'm kind of crossing fingers. But the unbelievable swings that we've seen, and we've so many questions going into the weekend. I mean, do we see the administration the President just talked about it in terms of boots on the ground, does that potentially happen? Still? Do we see carg Island so incredibly important when it comes to exports out of the region, and so does that happen? And just more disruption to the global energy trade.
So I think Yeah, you're definitely seeing a risk off trade here going into the weekend.
But a balance as you see there from the S and P as you mentioned earlier, Carol off its lows. It was down as much as two percent earlier. But as Carol mentioned, energy, certainly the focus WTI at ninety seven, so off its highest levels of the day. Same with WTI, are same with brand Rather's up as highest one hundred and thirteen dollars a barrel, now up to one hundred and twelve dollars a barrel. Still both of those up more than two percent.
And as usual, I'm taking a look at where you can find a haven asset right now. You're certainly not going to find it in the bond market, You're not going to find it in gold. But then you take a look at what's going on in the dollar, the Bloomber Dollar Index actually managing to put together a gain right now, higher by about half a percent or so on a very very risk off day.
A very risk off day here, as you parse all of the action that we saw on the day and on the week and maybe try to make some sense of what to expect when you come into work on Monday, Jones Industrial average is going to lose roughly about four hundred points on the day, or about nine tenths of
one percent. The S and P it's down about ninety nine to one hundred points or one and a half percent, the NASDA composite down to more than four hundred points or two percent even, and the Russell two thousand losing about fifty six fifty seven points or about two point three percent. I do just want to point out here, Carol, all of the major indices now are closing either at
or below. The are two hundred day moving averages, and the S and P five hundred doing something it hasn't done since April of last year, and that's closed below that thirty of that fourteen day RSI a technical indicator of now over sold conditions.
Yeah, that relative strength index, right, that technicians certainly watch. But do we get a bounce or do we continue to kind of trend even lower from here? S and P five hundred, guys, So as remain laid out all the numbers, you're not going to be surprised. Three hundred and eighty nine names to the downside on this Friday, one hundred and fourteen actually gaining ground some decent rallies, Katie. So it's always a reminder that there are names that stand out.
Yes, certainly when you take a look at the sector level as well as measured by the circle, not a lot of green, but two sectors managing to finish in positive territory. That is financials and that is energy just barely but still above the line. Here though, nine sectors in the red in terms of what your biggest losers were. Utilities down by more than four percent, real estate off by more than three percent, and tech as a sector off by more than two percent.
Carol, all right, so this is so indicative of that kind of day that was here. Remain you talked about the swings, the volatility.
I'm surprise you found gainers.
I am too.
Well, check this out. Listen to this fed X. Yeah, it was up twenty seven percent, guys at its highs today. Yeah, and we're finishing with just a gain of about eight tens of even percent. Made it, yeah, barely made it. And the company we know the story right, raising its full year profit forecast. We saw the stack up the most in ten months before we kind of pulled off those highs of the seton the company talking about restructuring its delivery network, getting traction. A lot of stuff going on.
It also says it does not expect the war in the Middle East to have a direct material effect on its business, but the broader consequences, including higher energy prices volatile shipping patterns, are adversely affecting the global economy.
No, come on in, I just want to say, was up about seven to eight percent? You said twenty seven percent?
Was?
Oh?
I'm sorry, yeah, I was likery. Sorry, I started am sorry, I had my.
Screen kind of kicking on. I hate correcting you, but no, you love correcting me.
Seven point six percent. I'm sorry. I thought that was a little crazy too, but I had my screen. You know, I only have a little small screen to work with, and I've got a lot of things going on.
Yes, I think all our screens are with the same size, are they not?
Or how many?
How many?
Do you only have one paddle in front of you?
Just one? We got to get you another screen. We're going to work on.
That, all right. I can get the screen too, all right, TVD. I'm just going to move on like I don't know if anything can save me now, all right, arm holding, Let's see if I get this one right, because we did see this one holding on to its g of about two percent here at the clothes. It too, though was a lot higher in today's session. In fact, it too was up about seven point eight percent at its
highs today. Okay, so armholding was a top gainer in the major averages HSBC upgrading this one to a Wall Street high price target, raising it to a street high two hundred and five from ninety dollars. Playing a little ketchup there and says ARM is now firmly in the middle of a transition from being a smartphone dependent semi IP play into a major AI server CPU beneficiary that
remains undervalued by the market. The analyst frankly writing that, and then just quickly, I want to go to Dell, del to that one surging more than eight percent earlier in the session, holding on to a gain here at the close just about half a percent. And this one really spiked a lot out of the gate, was a top gainer in the SNP and basically winning on super Micro's woes. Dell is a chief competitor to super Micro.
So the super Micro story I'm going to pass actually over to TAM because it just gained Dell as the result of what was I'm glad.
I'm glad you ended with Dell because I want to You're welcome. I'm just going to start with super Micro. But I messed it up. It's okay, I'm going to go to super Micro. Now down more than thirty three percent today, which is pretty wild. This is the worst day going back to October twenty eighteen, that's when it fell more than forty percent in a single day. The US did charge the company's co founder, Yeshai on Wali Leah with illegally diverting Nvidia powered servers to China in
violation of US export controls. The chargings chargers said charges set or prosecutor said that Leon two others allegedly sold the hardware to a Southeast Asian company and coordinated it for its ultimate shipment to Chinese customers, and they made efforts to evade scrutiny. Super Micro, for its part, said it's cooperating with US authorities and it's put Leon another defender, on administrative leave, and the company stated that the alleged conduct is a contravention of the company's policy.
The story is fascinating also because of how fast it rose. And remember when I got put into the SMP back then, what was it, twenty twenty four, there were a lot of people saying maybe that was premature, And now you have this whole investigation here raising a lot of questions here about what the future of the stock can be.
Yeah, we had a great chat with Bob van Voris down at the courthouse earlier today and and he laid out the potential implications for the individuals who've been charged. And that's some serious shell time there. So continue, We're going to continue following this story. I also want to check on the Bloomberg Mag seven Total Return Index, because every single member of the Mag seven was lower today.
This fell more than two percent as a whole. But as I mentioned, this was what really pulled the market lower today, the S and P five hundred and the Nasdaq one hundred. Also, this is an interesting story. Swarmer. It's a tiny drone software company, Swarmy Swarmer. Oh, just checking, fell thirty percent today. This stock soared close to one thousand percent in the first three trading sessions after its IPO. Shows how the Warren Iron has reshaped the outlook for
the defense industry. Though. Swings like this echo what was associated back in the day with memestocks for remain you remember those, right.
Yeah, absolutely, I mean I was paying attention to this earlier this week, and you know, I mean, you know, look, I mean long term, I guess you can make a bet here that you know, this is the future of warfare, these sort of smaller, cheaper drones. But you know, like I said, to get that kind of pop coming off of that IPO seemed well, a little stretched, to say the.
Least, fross. Some might say frothy.
Some might say I would not say that.
I'm not saying it.
Yeah, I'm not saying that either. I do want to just turn real quickly to what we saw in the yield space here. The sell off continued in a huge way here on the short end of the curve. Of course, everyone now pricing out any chance of a FED rate cut this year nine basis points on the day for the two years, but we should just point out for the week we're up something like seventeen basis points here. So this gets to the idea of where investors heads
are at when it comes to yields. But really it was a parallel shift not only on the day, but really on the week as well. Your benchmark tenure yield up ten bases ten to eleven base points on the week. Third straight week where we've seen double digits out there on that basis points or I guess what was that. I mean, it's technically not double digits, but you know what I mean, twenty basis points fourteen and then this week now eleven.
And it's pretty wild to think just two days ago we had a FED decision, we heard from Jerome Powell, and bond traders thinking has changed so much since then. Now the possibility of a rate cut in twenty twenty six being totally priced out, and as I mentioned, the US dollars seems to have been the big beneficiary of that. I'm taking a look at the CFTC positioning data and you have hedge funds and other speculators actually flipping positive on the dollar for the first time this year. Certainly
aside of the times. When it comes to the current thinking around how what's going on in the Middle East with oil prices, how that's going to shape monetary policy.
Yeah, I mean it really comes down to timing, right, Like when you know everybody keeps talking about the timeline. You even got that from Fed chair J. Powell, essentially like you can't make predictions, you can't really figure out the outlook until you know when this done. And I think this is going to be an interesting week. And we had a conversation with a guest just talking about potentially the escalation of this war, and I think it just comes down to that.
Well, I don't know, Well, you guys, did you get a chance to listen to some of the comments that the President made as you just walk into the helicopter. I mean, it didn't sound like, at least based on what he was saying, that we're at the end of this any time soon. I mean, he says, okay, we won. But then of course when I asked about whether it be a ceasefires that it's off the table. As far as the straight of horror moves, he just seems to say, well,
it'll open at some point. Well, which is not necessarily what the market want to see.
Why are we asking for two hundred billion dollars more from Congress if the war is coming to an end or if we're in a good position.
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