About 2 minutes away from the end of the
trading day. Scarlet Fu and Alix Steel here, counting
down to the closing bell. And here to take you beyond the bell is
Carol Massar and tim stanwick from bloomberg radio.
And of course, the welcome to all of our audiences across our various platforms.
You know, we were just talking about the jobs report and how that's going to be
the next big catalyst because it just feels like we're treading water here.
Yeah, I agree with you. I feel like the markets don't know quite
what to do, certainly on the equity side of things.
But we're waiting. We didn't get anything really new from
Jay Powell. Surprise, surprise.
But do we see more strength in the labor market that starts to make people say,
okay, folks, let's really think about what the Fed needs to do this year.
Maybe they don't need to do much. I know I've been focused on this
throughout the day, Carol, but we did get something we've been focused on.
Bluey The new horror story that A to be totally been obsessed guys.
Have you guys seen the cover of Businessweek?
Yes, I have. And Tim, this is this is you and me
because we have young kids. These guys these guys don't know the
bluey thing, but it turns out I read the story, Alex, and it turns out that there
are adults without kids who like Bluey too.
But Scott and Carol have that kind of time.
But I hear you. But again, yeah, it's not so right.
The episodes are only 7 minutes. It's totally worth it, guys.
Just. Okay.
Anyway, the story we got off track. What were you talking about?
Oh, I was actually going to say sorry. I was actually going to say that we did
learn some new stuff from Jay Powell, which I thought was interesting at the
end of his speech. That was.
Oh, I know. Yeah.
Like he gave advice to these college students about, you know, what was
jumping around from job to job, making sure you have the self-confidence to
take the step and go to that next job. He talked about moving from private
equity, the public sector, and moving back and forth.
He said you should jump up. Yes.
Just start letting you know exactly how of telling college kids that
they should job hop. Okay.
All right. I don't know how you price that into the
market, but we are looking at a mixed day here for equities.
Certainly, when you look at the major indexes, the S&P 500 gaining about 1/10
of 1%. The Dow losing ground just slightly,
losing about 35 points, a drop of 1/10 of 1%.
And the Nasdaq up by a quarter of 1%. It should be noted that the Russell 2000
is the outperformer here, up by a whopping half of 1%.
Job hopping, you know what you do? It's like jokes right there in the
comics. I should clear he wasn't talking about
job hopping. He was talking about like moving from
one industry to the other, going into the private sector and serving and
making sure that people had the confidence that they can, you know, that
they can pull off these jobs, that we went there that way.
Do you know how long Scarlet Carolyn I total have been in Bloomberg.
I have no idea. Okay.
Well a long time, decades.
It's a great place. Decades.
But this is also from Jay Powell who knows?
He's probably unemployed no matter who's president in the next go.
So I'm just I'm just putting that out there anyhow.
Wow. Okay.
So his term is going to end. It's all right.
All right. That's going Charlotte, I'm at No, I'm
going to. No.
Oh, yeah, yeah. Go, Scarlett.
All right, look, let's look at the eye map.
Why don't we do that? We have more sectors in the green than
in the red. Let's start with the red parts of the
pie. Consumer staples off by more than 1%.
So they're the leading laggards here. Utilities and financials also under a
bit of pressure in terms of the gainers. You have communication services, energy
companies which are really rising in tandem with oil prices.
As oil prices rise for a fourth straight day and materials are a late dark horse
here are coming up with a 6/10 of 1% advance.
All right, guys, let's get to some of the individual gainers.
Spotify on that list up more than 8% In today's session.
Bloomberg reporting that the streaming company plans to raise the price of its
popular. I know it's inflation not going away,
everyone. So they're raising the price of their
service in several key markets for the second time in a year.
They say, Ah, we say we report a crucial step toward reaching long term
profitability. This according to people familiar
they're getting ready to offer more tiers.
So stand by for news on that. But nonetheless, investors liked it.
Yeah, sure, but not we consumers. All right.
Ford Motor up just shy of 3% in today's session.
U.S. auto sales rising 7% in the first
quarter. Strong demand for gas, electric hybrids,
hybrid models. Guys, check this out.
Surging by 42%. Their F-Series truck owes its bestseller
fell 10%. Yeah, exactly.
During that time frame. But nonetheless, investors were kind of
good about the overall news. And then this one, courtesy of my
co-host Tim, giving me this name, Carl Main Foods.
We are. I don't know if you are, but I am.
We are all eating eggs, apparently shares jumping this one up about 3.6% in
today's session. The biggest egg producer in the United
States reporting third quarter earnings per share and net sales are topped
consensus estimates. They said that total sales volumes or
dozen sold hit a company record. So we're eating a lot of eggs.
And I do have to mention Paramount, because it really jumped about 14, 15%
in today's session. This after Redstone's guidance striking
a tentative deal for their paramount stake.
So there's a there's a bird flu situation happening.
Oh, I forgot to add that. Thank you for that.
Yesterday, the issue in Texas. Yeah, the company did call about 3.6% of
its flock. That's how they say it works because of
the same amount of eggs. It's unclear the supply and demand
thing. In this crowd.
Maybe we're eating more eggs anyway. Okay, Supply.
How about supply and demand for chips? Let's talk about that.
I do want to talk about. We're not eating potato chips.
Yeah, I'm not this kind of chips. I do want to talk about intel.
The news breaking late yesterday during our simulcast, actually.
And Intel shares reacting today as a result, down 8.2%, declining the most in
a couple of months after the company gave a disappointing outlook for its
factory operations, saying that losses have deepened at the business and it may
not reach a breakpoint for a couple of years.
We're talking about Intel Foundry, which is a new division over at Intel that
does manufacturing, and it had sales of $18.9 billion.
In terms of 2023, it was down 27.5 billion from the previous year.
I also want to talk about Ulta Beauty because shares fell 15%.
I have not shopped at Walt Disney, but shares down 15%, the biggest drop since
March of 2020. You actually saw a lot of peer companies
move lower in sympathy. This after management made comments
during Morgan's retail Roundup Investor conference earlier today in New York.
The company said the first quarter started off slowly, a broad based
slowdown across beauty categories. Ulta now anticipates first quarter comp
sales to come in at the lower end of the low single digit growth range It had
forecast for the first half of its fiscal year.
And it also says that it lost market share in prestige make up the hair
category. Also, according to Ulta, has been
challenging. Finally worth checking in on shares of
Disney today after Bob Iger's win. Shareholders of course, rejecting Nelson
Peltz his bid for a board seat shares finishing.
They're down a little more than 3%. Alex I should point out, Carol, that
Scarlett buys her face cream from Costco.
Okay. Putting this out there, still investing
in my face. I just do it at bulk price when
you go Well, like Alex made that comment about the years we've been here.
At this point, you do buy in bulk. You will do okay.
But at Costco anyway, I guess go buy some high end stuff at Costco.
I'll ask you I'll take you there some you just keep talking about.
Okay. Amazing.
She does say, I think one of her, but she looks exactly the same When I met
her 12 years. There is a Costco in Brooklyn and there
is a Costco. There is a Costco in Brooklyn.
You might want to check. I'll take you there.
I Oh, yes, there is near Industry City. You don't want to go there.
Okay. Bonds, It's nothing.
Nothing's happening in bonds. The conversation to me, though, will you
see the ten year get to 5%? I feel like we're starting to talk about
that a little bit more in a way that we weren't just even a few weeks ago.
Guys. All right, guys, We are getting ready,
you know, Friday for that jobs report. How do you think how do you feel about a
four day workweek? I mean, I still say it and it's never
going to happen so great. Why don't you think it's ever going to
happen, Alex? Because we work in media news.
Doesn't straight man news does not stop. I think the only way would happen for us
is if markets you know, the New York Stock Exchange and the Nasdaq decided to
form a date for a four day a week trading, which I mean, I don't think in
the opposite direction for a number of years.
Right. They were talking about after hours
trading in 24 hour trading, that would have wreaked havoc on our lives.
But I guess that's at the point where you bring in robots and AI to take more
jobs for us. Steve Cohen says it's coming, but he
says that for but not for his workers because he said if you're running
basically a portfolio or managing a portfolio, you've got to be there every
day that the markets open. So who does he see?
The four day work week for anyone meant playing golf good.
And that's games that play well. Speaking of robots, did you guys see the
story about Apple Mark Gurman sort of breaking that story about Apple
potentially getting into the robot world after the car situation went nowhere?
I guess I'm just curious as to the question be I right, like why a
robot? I guess I'm a little confused as to the
longer term strategy and how that sells them services.
I mean I what's your track record on home
appliances or smart projects or smart products around the home that Well, the
Apple home which which has, you know, not great.
Yeah exactly. I think one could argue that the iPhone
is is sort of like the hub of everything and they've just Donald then you need a
robot. That's what I'm saying.
I don't know if you know this is kind of perfect because in the story says it's
not yet clear what approach it might take in terms of what they're going to
do. I mean, I don't know.
I use Google Home and different things to like turn on lights and stuff like
that, or I ask questions, but I don't know.
I don't know what a robot like, maybe it's like a Siri comes to life.
Does it clean up? Does it clean up?
Does it do dishes? That's oh, hey.
Or eventually up and sweeps them all. And then you also can have a Roomba.
So, I mean, I don't know what the situation is, but but I think it is
interesting. The Internet of Things was what we were
talking about eight years ago as being the trillion dollar industry.
And then it feels like we moved on then to AI in a different capacity.
So where that still lives, particularly for Apple and look, this is really
important question that investors have of where Apple goes after the iPhone.
And Marc broke the story a few weeks ago that they've given up on the car.
So it's not going to be a car. So where does the company go from here
to create that new product? And they're under pressure, right?
They're under all kinds of regulatory pressure from the government as well.
So they need to come up with a new product line.
What I want to know is, Scarlett, message me what kind of skin
cream that. Okay, we'll talk off line.
That is a rough stuff across plaid.
From coverage, radio, TV to Bloomberg Originals.
We call it Beyond the Bell. We'll see you guys same time, same place
tomorrow.
