And right now we are 2 minutes away from
the end of the trading day. Romaine Bostick alongside Scarlet Fu.
We're counting down to the closing bell. Here, they'll take us beyond the bell.
It's a global simulcast with Carol Massar and ten Stanbic Alix Steel taking
a well-deserved day off. Welcome to our audiences across all of
our Bloomberg platforms. A pretty big sell off going on right
now, Carol, And the S&P and the Nasdaq dragged down by big tech.
Yeah, absolutely. Like across the board.
I just heard you talking on the TV side of things remain about Nvidia and having
its worst day in several years. I was looking at NVIDIA from March 25th
when we saw that high on that name too. Today we are down just shy of 20%.
So very much a different rethink, at least in today's trade when it comes to
Nvidia and really over the last couple of weeks here.
Well earlier in our program on Abigail Doolittle was sorry.
Yes, go ahead. Carol's point, too, because I was
actually looking at that, too. And then you go back to that mark, at
least with the Nasdaq 100, you go back to that March high.
Yeah, March 22nd high. And I was going through the numbers
here. I mean, we're down like 7% or something
from that, which is just insane, given that we were only up like 9%.
And I think we might have to recalibrate that given the selling into the call.
I'm calling it the reset week. I really feel like things the tone is
changing a little bit. But as you said, I mean, you're talking
about your racing like almost all the gains for the year.
That's worse than a reset. I mean, Dennis Gartman was on earlier
today with I saw Abigail Doolittle and he said Abigail Doolittle got four
options inside. And he said he said the bear market is
just beginning. This is a bear market that's been long
overdue, he says. And he's you know, he's bearish right
now. So he sees a bit of a regime change here
in the markets. But I mean, let's let's also not forget
that we have a couple of things going on, right?
Fears of Middle East retaliation over the weekend.
There's no economic data today and there's a lot of nervous nervousness
before the Mag seven start were putting their earnings next week.
So you combine that all together, why be long?
Yeah well I mean well said there and let's take a look through the numbers
here and we'll start with the green on the screen that belongs to the Dow Jones
Industrial Average, which is higher on the day by about 200 points or about
6/10 of a percent higher on the day. It takes a while for these numbers to
settle that one tick up or down is going to be the difference between whether the
Dow finishes the week in the green or in the red, basically flat on the week.
The S&P 500 definitively down on the week and on the day eight, 9/10 of a
percent drop, a close below 5000 lower by more than 3% on the week.
The Nasdaq composite lower by more than 300 points, 2% on the day, about five
and a half percent on the week. And let's check in on the Russell 2000.
Another down week for the Russell, but a relatively bright day, a gain of 2/10 of
a percent. All right.
You mentioned the S&P 500. We're down, what, three weeks in a row
here remain. So this is the longest streak that we've
seen going all the way back to October of 2020 to about mid-October.
Having said that, if you go into the S&P 500 Scarlette, I know you're going to do
the industry groups. You've got still 335 names to the
upside, actually gaining ground in today's session, 166 to the downside.
Yeah, and that's a really good point because you see that reflected in the
eye map as well. It looks like a pretty mixed picture,
albeit the biggest sectors are leading the declines and that is, of course,
technology losing 3.1%. Of course, that's in video communication
services losing 2%. That's Netflix.
Although Paramount has offset a lot of that consumer discretionary losing more
than 1% outperformers include utilities, traditional safe haven financials and
energy. And of course, energy moving higher as
oil prices rise. All right.
Let's go to some of the individual gainers.
And it just shows investors do react to fundamental news or deal news.
In the case of Paramount, which is the number one gainer in the S&P 500, folks,
it's up more than 13% in today's session.
Apollo Global Management and Sony Group are said to be considering a joint offer
for the media company. We know that Paramount, the parent of
CBS, MTV, other networks holding exclusive talks with Skydance Media also
about a deal. So there's a lot going on.
But Paramount certainly a stand out in today's session.
All right. Earnings news.
Yep. In this name, American Express up more
than 6%. Number two, gainer in the S&P 500.
This as Amex reported revenue that topped estimates in the first three
months of the year. Consumers continue to flock to the
company's premium credit card offerings. The number third, our number three
gainer excuse me, in the S&P 500 is fifth.
Third. It was up just about 6% in today's
session. The lender reported first quarter net
interest income that was ahead of consensus.
An analyst described its overall report as being solid and this one remain is
for you. Trump Media and Technology Group.
Are its shares actually rising for a third day of gains up another almost
shy, just shy of 10% after about a 26% gain yesterday.
Yeah we've had a weak so so the rise today can we also blame that on the
short sellers Web site There's probably a lot to go around and
you got some decliners. Yeah.
No shortage of decliners here, John, but I will be sorry to my beloved colleague,
Tech 100. Look, we just got to say, dropping 2.1%.
Worst day since October for the Nasdaq 100.
I want to start with video. Can I just say on this Sorry to
interrupt again. That's on the Nasdaq one.
That's why I was. Going through.
The numbers were up 9% to start the quarter.
Okay. Basically to start the year to that
record high. Now, the Nasdaq sitting on a 1.2% gain
for the year. So what is it, Romain?
Is it is it geopolitics? Is it rates moving higher?
Why is it? I think it was a combination of rates.
And then the fact that, well, you got this bloom coming off the roads of that
air trade. Well, let's talk about that, because
Nvidia shares stumbling 10% today, having their worst day going all the way
back to March of 2020. That's when they fell more than 18% in a
single day, closing below its 50 day moving average for the first time since
November, not just in video. Shares of metal platforms closing down
4%, Amazon 2.5%, Microsoft falling 1.2%. Apple falling 1.2% as well.
I do want to also talk about super microcomputer because it did have its
biggest decline since August, really dragging on the S&P 500 today and
dragging down other air stocks, too, which I just mentioned.
Intraday, it was the biggest drop going back to March of 2020.
Shares now trading at their lowest level since February eight.
The company saying here's why. 51%, not yet.
You can't say that yet. I mean, to talk about why it went down,
because it announced this morning that earnings are coming out on April 30th.
And last time it came out with its earnings date, it preannounced numbers
that exceeded Wall Street estimates. It didn't do that today.
So that has investors on edge. So, Carol, how much is it up this
hundred and 51%. I mean, sometimes things go a little far
too fast and so maybe the pendulum swings too far.
Are you saying? Yeah.
Well, I'm sorry, Tim. Explain that again.
So it's because they didn't that. Yeah, the earnings date.
They didn't they, they came out with their earnings date, but they didn't
pre-announced better than expected numbers.
So they did last time. Right.
People are disappointed it didn't happen.
Exactly so. Okay.
I do want to also just end with honorable mention Netflix.
Despite a quarter that did blow past estimates, it beat on subscribers beat
on the top line. Beat on the bottom line forecasts for
revenue was a little weak. And then this was the big one.
We talked about this yesterday, not reporting subscriber numbers starting in
2025. So one more metric that's very important
to analysts and investors that is gone for now.
What will options traders do without that subscription number?
Let's take a quick look at what happened in the yield space.
Well, it was kind of a subdued day here. We did actually see a drop in yields, a
modest buying that came in or, Ashleigh, actually a lot of buying came in
overnight here has that safety trade really sort of flared up, but then it
kind of died down. You're still seeing yields lower on the
day. But we should point out the sell off in
treasuries did continue on a weekly basis, fourth straight week.
Right now, we're up on a weekly basis on the two year yield by about eight basis
points and about ten basis points right now on that ten year yield.
And guys, a lot of people have been talking about this.
I mean, you were asking earlier, Tim, whether the sell off was because of what
we're seeing with AIG or what we're seeing with some of these other things.
But of course, the rate story really fits into that as well here.
And a lot of people now looking at that ten year and a47 threshold that could
trigger more a selling. Yeah, absolutely.
All right. So kind of interesting.
And what we've got a couple of ways before we wait for that next FOMC
meeting in terms of maybe even more clarity in terms of what's to come.
But we a couple of stories, Tim, that caught our attention has to do with kind
of money and wealthy people. Yes, I love this story by our own a
Laura Anonymous who talked a little bit about the different way that very
wealthy people and people who earn high incomes are.
I don't want to say working the system, but making sure that they're not
spending too much time in New York, in California, so they don't get charged
income tax on being in those places. Yeah, because if you're in New York or
California or too much, then New York treats you as a full time resident and
then they'll tax you as one. So people are taking off and making sure
that they leave New York State at a certain time and they're watching their
hours and their days there. There's even an app to help you keep
track of this, which is pretty incredible.
It's kind of become an obsession because the auditors from each of the states are
very, very aggressive in trying to determine whether someone was in New
York and then just stop and get gas or get something to eat.
And they'll count that as you were in New York for that day and therefore for
these number of days over the year, you were in New York.
Okay. First of all, Tim, you were being way
too diplomatic there. And second of all, this story was
fascinating because, I mean, we all I mean, everyone knows this has been the
parlor game for a while. Basically, 51% of your time basically
needs to be in Florida or whatever low tax haven that you're in.
And then the other 49, you can do whatever.
But to see just how detailed they are, particularly with these flights and the
driving times and the apps and stuff. You know, I guess, look, if this is
about saving, you know, several million dollars in taxes, sure, why not?
It's all about where you keep your teddy bear.
It's the teddy bear test. Yeah, exactly.
Or where your dog is in Palatine. Oh, that's right.
There was a good example of that one. The teddy bear in your pillow.
So the question here.
So what do you spend most of your time, Tim?
I mean, you're colorful at this office. That was you know, you get taxed more
for that, by the way, right? Yeah.
All right, everybody, that's a wrap. Our cross-platform.
Have a great weekend are cross-platform radio, TV, YouTube, Bloomberg Originals,
we call it Beyond the Bell. We'll see the gang on Monday.
