And right now we are two minutes away
from the end of the trading day. Roma
Bastik here with Katie Grifel taking you
through to that closing bell with a
global simalcast. It starts now. Tim
Senic in the radio booth. Carol Master
for some reason has the week off once
again. Nora Melinda doing the best to
fill her shoes. Welcome to our audiences
across all of our Bloomberg platforms
including our partnership with YouTube.
Right across the screen a big flip uh
Tim from what we saw on Friday where you
had the majority of the stocks in the
green. Today the majority in the red.
Yeah, it was a relief rally. Uh, based
on what we heard from Jay Powell in
Jackson Hole, the exuberance is maybe a
little bit gone. I don't know,
everybody's just waiting to hear what
Nvidia says on Wednesday because no
question that sets the tone for the
week.
>> Of course, when we look at everything
that came out of the commentary from JPL
last week, that's really what we're
thinking about this week. But of course,
we have Nvidia on Wednesday. That's what
a lot of traders are really looking
forward to. But as we really just think
about the broader economy, of course we
know that that September rate cut is all
but priced in at least by traders here.
But the question really is what is the
cadence after that? Are we going to see
cuts into the end of the year into 2026
or is it going to be a bit more of a
doubbish situation here? I hear what
you're saying, but Steve Sausnik just
reminded Roma and I that uh we're taking
a look at 84% odds or so of a September
rate cut. We were talking about above
100%. We were talking about a 50 basis
point rate cut just a couple weeks ago.
And that feels like a long time ago.
>> And I'm glad you pointed that out, too,
because even when you look out to the
next few meetings, that sort of 100%
conviction you saw for two rate cuts
this year and a continuation of that
cycle into 2026. Certainly a lot of
people on the fence right now about
whether that is actually the case. right
across the screen here
on your major indices in New York as we
get the closing bells. The Dow Jones
Industrial Average uh leading the charge
lower down about 8 cents, up 1%, a drop
of more than 300 points. We should point
out the Dow transports also falling
about 300 points or about 1.8%. The S&P
500 on Friday, you had about 400 stocks
in that index rise on Friday. About 400
fell today. That pushes the index down
28 points or 4/10en of 1%. The NASDAQ
Composite down 210 of 1% and the Russell
2000 closing out the day lower by about
1% on the nose.
>> I think Roma just took my line. That's
okay, Roma. 101 stocks did move higher
in the S&P 500.
>> He probably practiced for that.
>> 400 stocks to you know I want to tell
you guys
>> I heard from Carol today.
>> Oh, what'd you say?
>> She's doing great.
>> Does she think I'm doing great?
>> She's having a great vacation.
>> Okay. So, I just want to let you know
>> rubbing that in. Sure. All right. There
are signs of life. Okay. All right.
Yeah. Uh 400 stocks did decline, 100
stocks did move higher in the S&P 500.
>> All right. Let's take a look at the
sector breakdown here. Uh not a lot of
green on the circle. The circle mostly
red today. And you can see uh tech looks
particularly angry. That is a big
decliner here. What did do okay today?
Communication services. We know that
Alphabet had an okay day. You also had
the energy sector managing to go a
little bit green here. Definitely uh
when it comes to the sector level, a lot
of declines to choose from.
>> Did you say that's the tech sector was
angry?
>> Yeah, look at it. It's dark red. It's
screaming at me.
>> If you're short the market though, you
know,
>> there's some very happy bears today
still exist.
>> You could be okay. Hey, I want to start
with fertilizer stocks today. Did manage
to find a few stocks in the green. Had
to go outside of the US for a couple of
them though. 1.8% to the upside for the
Mosaic Company. We did see fertilizer
stocks rise today after the USGS's draft
of mineral commodities to be included in
the 2025 list of critical minerals
included potach. This according to a
notice in the Federal Register. Minerals
listed include aluminum, cobalt, copper,
silicon, and more. Also, did you see the
news earlier today? A lot of like deal
news today. We spoke with Lyanna Baker
from the deals team earlier. A merger
Monday, a deals Monday. Call it what you
will. some information about Puma uh
coming out. Uh Puma shares rose as much
as 20% earlier in the session. These
ADRs finished the day higher by close to
15%. This is the most going back to
October of 2020 uh October 2001 after
Bloomberg News reported that the
billionaire Pano family is weighing
options for the sportsware company,
including a sale that Pinoclan owns
about 29% of Puma through their Artemis
vehicle. Well, the family is working
with advisers and has reached out to
potential buyers to gauge interest
according to people familiar with the
matter. And another ADR on the rise
today. Shares of JDE Pets today, ADRs of
JDE Pets today higher today by close to
17%. Uh Craig Dr. Pepper agreed to buy
JD Pets for about 18.4 billion to
bolster its struggling coffee business.
You may remember that there was this
takeover
>> Yeah.
>> of soda maker Dr. Pepper by Curry back
in 2018. This essentially undoes
>> that transaction.
>> I was about to ask you when they tied
up. I mean that wasn't that long ago.
>> It wasn't that long ago. That was when
that was when the whole idea with JB
Holdings you know which is controlled by
the that one German family. Their idea
was if we can control
>> all the coffee
>> uh at these different you know various
firms uh including Prety
Cream as well Panera as well. Yeah,
>> I mean they were they were um but a lot
has changed since then including coffee
prices have gone up and there have been
tariff concerns. So yeah, there have
been some issues.
>> Well, interestingly, if we look at the
other side of the coin, I've got some
decliners for us to take a look at. And
one of them is of course with the story
that Tim has just been talking about
here. Let's look at shares of curig Dr.
Pepper. That's ticker KDP here. And this
we are seeing the stock that closed down
about 11% in trading today. It was the
worst performing stock in the S&P 500.
And of course we know this is after that
deal that we were just talking
about$18.4
billion dollar deal to buy JD. It seems
as though investors on the curig Dr.
Pepper side not too happy. Shares are
down about 3% year to date. I also want
to take a look at some furniture stocks.
I mean of course we know tariff
headlines continue to fly. And here of
course we know that a lot of these
furniture related companies like RH for
instance uh falling wayfair down a lot
of those other companies that are all
related to the fact that Trump announced
a major tariff investigation on
furniture coming into the US and this of
course is weighing out a lot of those
companies. Shares of RH down about 41%.
Wayfair on the other hand up about 65%.
Investors really just still trying to
digest what's going on here and what
that means for the sector moving
forward. But another company let's look
let's look into right now that is
American Eagle. This has nothing to do
with Sydney Sweeney this time of course
but this is uh the company is sliding
today especially after Bank of America
cut its recommendation on the stock to
underperform from neutral. They're
really pointing toward tariff pressures
on profitability, which we know has
really been in focus for a lot of these
retailers. As we think about clothing
companies and what that means in terms
of whether or not they're going to
actually have to pass on the tariff
prices on to consumers here. But if you
look at the stock of American Eagle, it
seems as though the majority of Wall
Street is really advising that traders
hold on to the stock. One analyst has a
buy rating, eight have a hold, and three
of us sell. Shares are down about 25%
year to date.
>> And I just want to put an honorable
mention to FIG is a ticker. Figma uh of
course coming off that IPO analyst
coverage started today you had eight
notes out today and seven of them were
for neutral equivalent. So not a lot of
bullishness on this stock. Seven holds
right now and three buys. Let's take a
quick check on yields right now because
we did talk see some movement across the
curve primarily to the upside which sort
of belies uh what we saw last week
coming off of J. Pal's speech here. But
a lot of this does have to do with a
pretty heavy auction slate over the next
few days. About $183 billion of
treasuries slated to go on sale started
tomorrow. Two, five, and sevenyear
notes. And as Steve Sashnik was telling
us on the TV program, Katie, just a
second ago, uh this of course that big
PCE report on Friday that might be
giving some bond investors pause.
>> Yeah, absolutely. A lot to look forward
to there. It's not all about uh Nvidia,
you guys.
>> Is it about Netflix, too?
>> I I think that uh you're going to lead
us there.
>> Yeah, I'm gonna I'm gonna lead us there.
Uh so Netflix of course is known as this
company that took analog uh DVDs and
brought us into the streaming age with
uh really inventing a category. Now
they're kind of going analog again.
They're out creating these Netflix
houses and it's exactly what it sounds
like. It's 100,000 square ft. The
company says it's a quote first of its
kind permanent year-round home for fans.
It's free to enter. You can bring most
popular shows to life. Stranger Things,
Love is Blind, and yes, even Squid Game,
which I don't really want to bring to
life, but
>> No, I don't like that too much.
>> I had to tap out of Squid Game. It was a
little bit too violent for me. Um,
>> did you make it to the next the next
season?
>> No. No. I Life is too short. What I want
to qual It says that Netflix House is
opening in Philadelphia at King of
Prussia on November 12th.
>> King of Pussia isn't in Philly, is it?
>> That's You're asking the wrong person.
>> Yeah, it's in Pennsylvania. It's not in
Philly. It's pretty far, I guess. So,
you're a stickler, so you won't be
there. No. Um, so, so how is this work?
Is this like a Soho house where you have
to be a member and it's just all the
cool people or do they just let anyone
in?
>> It's just based on the membership tier
romance. Okay, that's what it sounds
like. But
>> your the old HD of not not, you know,
SD, it doesn't matter. You know,
>> Tim and I were earlier talking. This
kind of reminds us a lot of Disney. I
mean, I'm really interested to see how
this all evolves, especially when you
think about yourself. You watch these
shows and then now you're actually kind
of immersed into the situation here.
early. Like I don't know. I don't know
how I'd feel about that, especially as
we think about Squid Games, but I think
it could be a great opportunity for
people to get some merch, of course,
from their favorite shows.
Well, we do have some breaking news out
of South Korea. Actually, uh this coming
from the president, the the president uh
of the United States says on South Korea
that we think we have a deal here. Of
course, we know that they have been
meeting President Trump and President
Lee all day. And you can see the scenes
in the Oval Office right now.
>> Absolutely. there. We are keeping an eye
on that as the two leaders wrap up their
meeting here and of course what exactly
the trade relationship uh with the
government here in the United States and
we should point out the relatively new
government over there in South Korea
looks like. Yeah, the big question, you
know, are the devils in the details as
Carol always says when it comes to these
trade deals and also I think we can
expect a steady steady stream of
international leaders continuing making
their way to the White House uh to try
to negotiate better terms uh for their
trading deals.