Treasury Yields Climb, Adding to Weekly Gains | Closing Bell

And right now we are two minutes away from the end of the trading day. Romaine Bostick alongside Emily, taking you through to that closing bell. It's a global simulcast. We're joined now by Carol Massar. Her better half term Sandvik appears to be off. Alexis Christopher is in today for him. Welcome to our audiences across all of our Bloomberg platforms, television and radio. Our partnership with YouTube. Carl, as we close out another, uh, let's just call it Intriguing week for the economy and for the financial markets. Yeah. I mean, right, we're we're counting down all week to an inflation print to a jobs print. Uh, I do wonder if all the members of the Federal Reserve, the FOMC to or just say you, you know, um, maybe we just don't have to raise rates. Um, at least not yet. We'll find out later this month. Alexis. Yeah, yeah, yeah. You know, oil was, uh, was on everybody's radar today. Of course, after, uh, we were talking about President Trump. You know, he was he was saying, look, I'm going to I'm going to stop all diesel imports from Europe. And so the G7 said, okay, we'll actually release 100 million barrels, uh, to try to bring prices down. And we did see oil pull back initially on that. But guys, it's really ending the day, you know. Not not that much down anymore. Yeah. We just pointed out a few minutes ago Nvidia hitting a record intraday high today. And I think that's really an incredible backdrop here because even despite the fact that rates are continuing to climb higher, we do still have these AI names really dominating the market. It's kind of interesting to how the market has been dominated by geopolitical headlines and macro headlines. That's actually going to start to change towards the end of next week, when we start to get to the heart of the new earnings season. Uh, Delta, I believe reports next Thursday. And then of course, the week after that, we're going to hear from the banks, the banks getting a little bit of a rebound, uh, here on the day. Uh, but we should point out the KBW Bank index and the regional bank index cracks in the red on a weekly basis. And both in correction territory. As for the closing bell on the benchmark indices here in the U.S., the Dow Jones Industrial Average, up about 5/10 of a percent on the day, adding about 250 points, the S&P up about, uh, 57 points, or 7/10 of a percent here on the day. And then we take a look here at the Nasdaq Composite, which is adding about 1.2% on the day, the Nasdaq 100, adding about 1% even on the day, obviously led partly by that gain in a video, the Nasdaq 100 closing today at a record high. Nvidia is going to close just short of that record high. The Russell 2000 trying to get in on the action, adding about 26 points or 9/10 of 1%. All right. Back to the big caps I go as I like to do. Hey guys are here at the close. Little bit of a tilt towards a risk on trade but really almost didn't even split. Emily 294 names in the S&P 500 higher today 209 to the downside one unchanged. Yeah I mean we can pretty much say that every sector in the S&P 500 was in the green. You do have health care basically unchanged. It did turn into red territory. But really leading the way in the market here. Consumer discretionary materials information technology. Those tech names like where main said Nvidia higher on the day. The picture at least on this Friday is a green. I'm up for the S&P 500. All right. Yeah lots of green there. So I had lots to choose from. So where do I go? I'm going to go to something that you guys have been talking about remain mentioned on an intraday basis. We saw Nvidia hitting a record high in today's session. Um, the stock and hitting it for the first time since May after a two month sell off that wiped out more than $1 trillion off its market cap. Uh, having said that, it's still what is it worth? Uh, 5.6 trillion. So not too shabby. Uh, rally has been buoyed by optimism that AI agents could drive increased demand for semiconductors in a record $150 billion increase in Nvidia's buyback plan. We recently found out about that. The shares have gained about 25% so far this year. Uh, and so, as I said, their market cap not quite at 6 trillion, um, at least not on this Friday, but nonetheless still sitting at about 5.7 trillion or a little bit below that. Let's go on over to Tesla, because that stock certainly, uh, in the news today, up about 4.6%, we went as high as uh, more than 7%. But settling a little bit below that Tesla rally, is it reported better than expected sales for the third quarter, delivering 486,532 vehicles worldwide in the period. That is a boon for Tesla following a period of declining auto sales. We've talked about that a lot. Here at Bloomberg, uh, they've also seen a lagging share price competition in the crucial Chinese market, sluggish demand in the US pressuring the company. So that is something stocks still down 17% year to date despite that 4.6% gain today. And then I'm going to go on over to on semi. We saw a lot of trading a lot of heavy volume in that one. Shares gaining up about 6% in today's trade after the chipmaker said it will buy Synaptics for $123 per share, revising their earlier all stock deal to an all cash transaction. So we did see the stock moving up. Um, on semi was, uh, revising the purchase terms to pay about 5.7 billion in cash, roughly, rather than roughly that 7 billion in share. Sorry, I got home really late from LA. So I'm a little wacky today. And we're going to give you wine and a little bit. So yeah, that's going to be fun. I should also point out I'm sorry to collect this does um, I should know, Carol, I guess such a cliche. Well, another wine segment. Say I'm predictable. Isn't that a good thing? Uh, I also should point out Wall Street firms raising their price targets on the company. Over to Alexis. All right, so you did the winners. That means I've got the losers today. And two of them are actually in the same space. Uh, the hard drive space. We're talking Seagate and Western Digital. Both of them among the biggest losers in the S&P 500 today. Each of those stocks down more than 10%, as you saw there, uh, falling on concerns about the potential for increased competition from Japan's Toshiba. Uh, there are news reports they're coming out of, uh, Asia that they are going to be investing big time in hard disk drives. And remember, these are the key components in, uh, building AI. And right now, these components we know are in short supply. So if there's a significant addition of their supply on the market, what's that going to mean for pricing power for companies like Seagate and Western Digital? So um, at least for today, Wall Street not liking the possible stepped up competition in those stocks taking a big hit. And of course, Nike, Nike, I'm going to call it the DOS. Your loser. Oh yeah. The loser. Does your Wall Street punishing this stock today down more than 3.5% to its lowest level in 13 years. Weaker than expected sales for the latest quarter a disappointing outlook for the fiscal year, also announced some job cuts and a restructuring plan. That's going to be, uh, saving the company about 2.5 billion over five years. But Wall Street wasn't really, uh, too impressed. Ten analysts lowering their price targets on Nike, which has now fallen nearly 50% so far this year. Analysts are saying it's testing investor patience with CEO Elliot Hill. They brought him out of retirement to come in and lead the company a couple of years ago. They're going to have their Investor Day guys in mid November. First time in a long time. They've done that. And I think that might be the next big catalyst for the stock. All right let's take a quick look at yields here. Uh I actually saw some movement up in yields after the initial drop. After that payrolls report five basis points on the short end of the curve. And but more importantly keep an eye on the ten year yield. It may not look like much four basis points here but we're talking about 12 basis points higher on the week. Fourth straight week that we've seen that. And also the 30 year yield are up on a weekly basis by about 14 basis points. All right guys let's get to some stories on our radar. And you know remain on a good day. You're a pretty dapper kind of guy. Nice shoes nice ties. No, he's mostly adapters. What did you buy? I don't know, maybe for your wife. Get, um, these Caitlin Clark new sneakers? No, I've not got them yet. They just came out yesterday. Did you know I'm not the kind of person that stands in line or anything, so I have to wait till, you know, it's kind of. I can order them better, but they sold some of the, like the first color, the Caitlin blue sold out immediately. Yeah. Uh, the other one sold out. So, I mean, this is, uh, this is going to be a big shoe whether, uh, anyone you know likes it or not. And, you know, Nike's putting a lot of stock in her, not only to appeal to women and girls, but they think that, you know, she kind of kind of have cross-gender appeal as well, too. Yeah. And you look they sold out within, I think an hour or so 40 minutes. I think some of them really some color and they actually are now going um, on eBay for a lot more. So in case you're still in the market, remain for the wife. You got to head eBay up. Okay, so are we getting Caitlin Blue or are we getting like, warning code? I like the blue yellow, but I think the blue is sold out. Well, warning code is sold out too, so you're not getting either, Emily. But, you know, you can get secondary market and save your money and actually just, uh, get yourself a girl knows how to work about the markets. Can I just say. Yeah. All right. Yeah. Oh, let's that's not a sneaker. That's that. That also requires like a rulebook. Yeah. And a secondary market. How do we do it? I don't know. Carol's back. Always off the rails with you. I know, um, yeah. We just show two nice Rolex watches on the screen for our radio. This is a great story by arc, but it's a great story. It's really just about the idea of how hard it is to get your hands on so many things. And we've seen this in the luxury space. You know, you see this with Hermes, you see this with Ferrari. The idea is that if you want, uh, the greatest and the best of the products that they have to offer, well, you kind of have to spend a lot of money on maybe some of the stuff that you don't necessarily want to get up to the front of the line. I just think it's fascinating. You talked to Chris Rouse, man. He knows how to get watches, sees all the different markets. But, you know, you kind of have to have a plan in order to figure out how to do it and maybe get your name on a list or something like that. This story kind of reminded me of the bond market that I write about. Not to get too technical, but the private investment grade bond market. There's a lot of talk of dealers of relationships. You have to know someone to get the deal that you want. And of course, there's a secondary market, but it's not always straightforward to get in.