Wall Street Rallies Ahead of Next Week’s Earnings | Closing Bell

And right now we are two minutes away from the end of the trading day. Romaine Bostick here with Sally Bakewell taking you due to that closing bell. It's a global simulcast. We're joined now by Carol Massar. Just meeting in today for Tim Sandvik. Welcome to our audiences across all of our Bloomberg platforms television, radio and our partnership with YouTube. As he passed the most crucial moments of the day. And quite frankly, Carol, it's been an interesting week here, a week where we saw a lot of rotation in the market. The net effect of it, at least here on this Friday. Stocks are higher on the day and for the most part, higher for the week. Yeah. And I'm going to steal a headline from a story. Jasmine Rowe. Uh, she's putting it out in the Bloomberg highly, uh, recommend every check it out. But we are getting ready for an anniversary. Just aren't we on Monday? That's right. So it'll be the fourth anniversary of this current bull run. So the S&P 500 up almost 120%. So that would be the third largest bull market run at a fourth anniversary based on some data from Cfra from Sam Stovall. I can't believe I didn't get a card. Um, the market's also facing this sort of very glaring paradox of sovereign bonds is struggling under investor pushback. Yet the corporate bond market seems open. Even with yields at multi-decade highs. Tech and AI giants like Broadcom and SpaceX continue borrowing aggressively to fund growth. You know, it's kind of such a mixed bag to it. And you had that research out weekly. Note out by Michael Hartnett and his team over at Bank of America. And the flows you're seeing into cash. Obviously there's a lot of competition right now between the yields that you can get in the fixed income market, including money markets and what you get out of equities. You add that consumer sentiment numbers out of the University of Michigan that showed that, at least for right now, a lot of folks, a lot of households aren't feeling great about things. But nevertheless, the net effect of it all is a market that continues to power on. As for the S&P 500, it takes a while for these numbers to settle, but at one point on the day, it did actually trade at an intraday high. It looks like it's going to close just shy of the record high that it hit back on Tuesday at 7818 and change today. It closes at 7008 11 and change up 46 points, or 6/10 of a percent. The Dow adding about 400 points, or 8/10 of a percent. The Nasdaq composite up about 6/10 of a percent on the day. A slightly more modest gains on the Nasdaq 100, up about a 10th. 2/10 of a percent. The Russell 2000 though. And I think this is an interesting story Carol. Up about 5/10 of a percent on the day but still lower for the week. Its fifth straight weekly loss. And a lot of that has to do with concerns about the impact of yields. Yeah, we just spoke with Barbara Reinhard over at Voya Investment Management. They've got, I know, 300 billion or so under, a lot more than that. But she said she thought when, you know we saw small Caps rally earlier she thought it was on kind of wrong fundamentals. So I'm thinking that maybe it makes sense that we've seen some pressure. Um, I'm going to go back though, Sally, just to the big caps. What's interesting is you've got the index finishing higher, and you do have most names in the S&P 500 on this. Uh, Friday higher 319 to be exact 183 to the downside. We've not always seen that. We've sometimes seen the index up, but most seems lower. But that's not the case for today. And if we take a look at which sectors are driving some of the action today we have healthcare and real estate leading some of the gains with healthcare. Humana is among the notable movers and real estate continues to benefit, probably from the rate sensitive bit. Tech is also a big A driver, a catalyst. No doubt being the open eye revenue report that the company is expected to reach or exceed 70 billion in annualized revenue by year end. All right, guys, let's get to some of the individual gainers. If I may. I'm going to go and start with Humana, the number three gainer in the S&P 500 rallying after the health insurer approved improved its performance on the Medicare Advantage. Quality ratings that will improve future revenue. As a result, we saw Baird come out upgrading Jefferies, noting, too that it is a big step forward for Humana, a step back for its peers. So you saw Humana is certainly a bright spot in this group, up more than 11% in today's session. As I mentioned, number three gainer on the S&P 500. Let's go to the number two gainer on the S&P Moderna. Uh also number one in the Nasdaq 100 pushing other vaccine makers higher as well. We bring it up on the board. And we saw Moderna uh, higher in today's session, climbing after The New York Times reported that there is a planned public private partnership involving the National Institutes of Health to fast track the development and testing of cancer vaccines, which is a very new area. We've done some great reporting on this here at Bloomberg. So we saw Moderna up about 14%, Merck also gaining on that up about 2.25%. Take a look at Novavax. That one up almost 16%. This initiative expected to begin in December starting with a focus on pancreatic cancer, liver cancer and colorectal cancer, as well as a subset of pediatric tumors. According to the times. We do know, uh, over the summer in August, Moderna and Merck said that their experimental vaccine reduce the recurrence of melanoma in a large, late stage trial. This is a big deal for cancer vaccines, and we're going to be reporting a lot more on this in the future. And then for something different. I want to pull up Weeble if I can. It's been in the news as of late this week, up about 6% after Scotiabank raises recommendation on the exchange to sector outperform from sector reform after the recent selloff in shares. Stocks down about 18% year to date. About 13% of the float is short. Remember earlier in the week. CNBC reported that a House committee report says Webull tied in structural ways to China but bounced back today. What's a matter for me? Uh, I just want to give just a word, and I'm just. Well, I'll get those decliners, then I'll jump in with this. So if you look at the top of the decline or board here, actually U.S. wireless carriers and there's the top three decliners today. So, uh, T-Mobile down 13%, its worst day since May 2013. And then if you look also at Verizon as well as AT&T, I mean, Verizon's down 10%, AT&T also lower right now. So what happened here? SpaceX disclosed a deal that could position it as a stronger competitor in the wireless market. Carol and I were doing an interview earlier. There were some pushback against that. We, uh, did review with Bloomberg's Lauren Grosch, who talked about that. And so the timeline always being murky on those things. But nonetheless, if you look over at what Space X's stock is doing, uh, closed around 1.3% higher today. Another one I wanted to point out though is Deere farm equipment makers. So those are the ones that are declining also today. Does the ticker on Deere down almost 5%, its worst day since July 7th? So what happened here? Uh, tracking corn and soybean futures. The USDA actually raised its yield and production estimates for the crop. So you're seeing other peers in that space, Agco Corp, as well as CNH industrial also both lower today. So those being under pressure, uh, most as well when it comes to some of the biggest decliners of the day guys, you know, we take a look at the yield space here. Uh, kind of a mixed bag here. We did actually see a yields push a little bit higher. But we were basically talking about three basis points on the shorter end of the curve, longer end of the curve. We'll just basically call it unchanged. But for the most part, if you're looking for any sort of relief on a weekly basis, for the most part the curve did shift slightly lower. Can I talk for me? Sure. Okay, great. Um, I'll do this. Uh, we could talk about Netflix's plan to cut 5% of its employees. That's from puck reports. But what we really want to talk about is our Vanessa Perdomo reporting that Netflix getting ready to pay $200 million for 2027 Women's World Cup, according to folks familiar with the deal. Yes. So FIFA has been trying to boost the monetization of its tournaments for the latest push, and it includes a plan to place its commercial interests in an entity and sell the stakes to investors. So the backlash to such a move has spanned politicians to the UFA, the governing body body rather of a European football. I mean, it really highlights this major shift in streaming wars and making a bet that live sports will stop subscriber churn and tech first platforms, uh, basically outbidding traditional TV stations. It's also kind of an interesting testament to to just, uh, just the power of women's sports and how far it's actually come. And we talk about, uh, obviously the WNBA, at least here in the U.S., gets a lot of the attention. And I believe on an annual basis, uh, their, uh, deal is probably one of the more lucrative ones. But this FIFA one, uh, for the Women's World Cup, uh, really just kind of right on the heels of that and everyone we talked to on this program, we cover the business of sports here. As you know, Carol, uh, better than anyone else there on the clothes. Uh, but but we talk about this idea of just how much money is going into that space. Yeah. Hey, you know, I don't know if you saw the flag football story about women. I did see the flag story also broadcast it being broadcast, which is pretty cool. Yeah. Okay. What do you want? What do they do with the flags? They ripped them off. Oh. Did you ever play? I played flag football. My high school. Did you really? I did okay, I think we have to go. Actually, I know how to spin a flag. Do you know how to sell it? I was like, yeah.