• 00:00Beyond the Bell. Bloomberg's comprehensive cross-platform coverage of the U.S. market close starts right now. And right now, we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Scarlet Fu. We're counting it down to the closing bell. And here to help take us Beyond the Bell. It's a global simulcast with our friends, jen stanwick, jennifer ryan and today for Carol Massar. Welcome to our audiences across all of our bloomberg platforms as we count you down here to those closing bells, tim and this is a pretty good day here. One and a half percent on the S & P, 2% on the NASDAQ. That big dip that we saw yesterday that it put that rally on pause, that's now a thing of the past. Did everyone just forget about what Powell said yesterday? I mean, is that what's happening here? I don't see anything different than what he said on November 1st. No, but I think hawkish tilt is the term that a lot of people are going with. We did speak earlier to Rob Hayworth over at U.S. Bank Asset Management. He made a really interesting point about the companies that are doing the best today. The companies at the top of the S & P 500, the Megacap tech companies. He said that that shows that investors are still worried about higher rates for longer because they're buying companies that aren't necessarily reliant on the debt market for funding for their future growth. So they won't necessarily be subject to those higher rates. Jennifer, I know and it's a very tricky calculus for a corporate treasurer because, you know, you're kind of getting two different things. On the one hand you had a little bit more dovish tone to the Fed minutes and now we've got Powell and some other Fed officials coming out and trying to tamp back on that. But still, we've got to look ahead to retail sales. We've got inflation numbers next week. So that could help give a clearer picture. Yeah, I was trying to take a look to a kind of just how much conviction was behind some of the moves that we've seen in equities. I mean, this is a broad based rally on the day. But when you really add it up on a weekly basis here, you're really talking only about a third of the names in the S & P 500 are actually posting a gain on the week. Remember those first three days of the week, even though we were in the green, it was relatively tepid gains here. So the strength that we're seeing here on this Friday really just kind of clawing us back, I think, to kind of where we were about a week ago. The Dow Jones Industrial Average is going to finish out the day higher, up by about 1% or about 390 points and change the S & P 500 higher by about 68 points or 1.6%. And an unofficial close above 44 144 15. And change, which is also above that 100 day moving average. Meanwhile, the Nasdaq composite higher by almost 300 points or 2% on the day. And for once, the Russell 2000 decides it actually wants to play along. Up a percent on the day. All right. Well, there's pretty broad based, at least in the S & P 500. Peeling back the layer there, Scarlett, you see 436 stocks in the S & P 500 higher today, only 65 moving lower. I feel bad for whoever is doing decliners, Charlie. Yeah, that'll be me later on. Okay. I look at the New York Stock Exchange, almost three stocks higher for every one that is lower, and that is pretty much reflected in the industry groups as well. Chip companies are the best performers on the day and for the week as well, up about five and a half percent this week. Software services and autos, that's really Tesla bringing up the rear in terms of the best three performing groups in terms of laggards, because all the industry groups are higher food, beverage and tobacco, telecom and farmer. So the more traditional defensive sectors are not doing as well today. All right. Let's take a look at what's going on in terms of gainers today. I wanted to highlight Microsoft shares hitting an all time high today, up 2.5%. The company having its best day, at least pricewise highest price, going all the way back to 1984 when it iPod shares now trading at $369, are closing at $369.67 today. Let's talk about the best performer on a percentage basis. Microsoft on a point space is the best performer. The best performer on a percentage basis Today is Hologic, the diagnostic products company. It reported fourth quarter revenue and adjusted earnings per share that beat Wall Street's estimates. Investors sending shares of the company up by 7.3%. And then let's take a look at in video as well, because that company among the Megacap tech companies that are leading the rally today, we saw Microsoft higher. We saw Apple, Amazon, Tesla, NetApp platforms, all among the biggest gainers on the S & P 500 in video, finishing the day higher by close to 3%. It's now up for an eighth straight day. Sounds like a lot of days in a row, but weirdly, it's only its longest winning streak going back to March this year. All right. Let's take a look at some of the decliners. It wasn't too hard to find because the ones that fell fell by a lot as investors continued to punish companies that don't do good, that don't make good on their forecasts. Alumina was the worst performer in the S & P 500 after the DNA sequencing company cut its full year sales and profit outlook for a second straight quarter off by more than 8%. Power Plug The hydrogen producer falling as much as 46%. That is the biggest drop in a decade. Investors questioning why should say plug power investor is now questioning whether the company can survive without additional funding after it issued a warning of a as a going concern. At least five analysts downgraded the stock afterwards and trade. This is something that Romain highlighted yesterday when we were looking at earnings. It's a digital advertising platform giving out fairly weak forecasts for revenue this quarter, raising concern, of course, about the health of the ad market overall. The CEO said that Trade Desk saw reduced spending around cell phones, media and entertainment starting in October, although it has recovered a little bit for this month. But we also saw declines in SNAP and Pinterest, which rely on advertising sales falling in response to what happened at Trade Desk. Yeah, let's take a look at what's going on in the Treasury space, because of course, we did see a lot of volatility on the week on the day here. It was definitely a bit more subdued here. You take a look at the two year yield, which was higher by about three basis points on the day. But remember, on a weekly basis, we're about 21 basis points higher than where we were a week ago. A similar moves for the rest of the curve here, which actually shifted down on the day. That included the ten year yield down just ever so slightly, your 20 year down just about two basis points in your 30 year, down by about three basis points. But once again, here, I believe with the exception of the 30 year, all of the main points across the curve are higher on a weekly basis. Yeah. Think the question that it brings up is sort of what happens next week. Everyone, when we're thinking about when we're thinking about what Jennifer said earlier, retail sales, we get a good idea of what the consumer is feeling and experiencing because we got a couple important companies in the consumer space reporting next week, Walmart and Target are reporting. So we'll get a good idea of what Americans are spending their money on. And then, of course, we get the economic data next week when it comes to retail sales, Jennifer, that will help us get a good understanding of that, too. Yeah, it'll be an interesting one to watch because especially where are they spending their money? Are they shifting more of their holiday spending towards the food and the stuff that really makes the traditional holiday? Are they or is there going to be a lot of love for things like decorations which aren't going to last the season? Yeah. What decorating for me, You have to spend money on decorations. What's the point? What? You recycle your decorations sometimes, and we buy new ones. We're very festive in our household. I don't doubt it. I'm thinking about rotation to the holiday party. Yeah, It's so weird. I never get these invitations about these festive, festive things. He's always saying to check the mail. Okay. Home Depot is also reporting next week. So to Jennifer's point about what people are spending their money on, we know that during the pandemic it was on your home and on everything related to freshening up your home because suddenly people are spending 24 hours inside their home. But going forward, the big question is if people are moving out of their homes and they're kind of stuck there because the housing market is frozen in place, how are they spending in that way? Yeah, you know, Scarlett, you can also buy Christmas decorations at Home Depot, too. Yes, you can. You know, and other sort of. I thought they only sold skeletons that were like ten stories high. Oh, no. Have you been you know, there's a Home Depot right next to Bloomberg World headquarters. I would do all your holiday shopping there, I guess, depending on how much you love the person that you're shopping for here. But, you know, there's something for everybody. Maybe a garbage disposal. Yeah. I don't take fire extinguisher life in fun gifts like that. Bad idea. Yeah. Not. Not a grandmother. Not that I'm speaking from experience. Hey, we actually are interviewing the CEO of Butterball a little later in the program. The turkey year. Wow. Yeah, the turkey company. Okay. Do you guys know how much turkey prices have gone up? Yes, you do. Yeah, well, I mean, just anecdotally. Yeah. I mean, at the store. Well, I don't know the percentage, Tim. They're actually the same price last week that they were one year ago last year. Well, it really according to the USDA. So a little bit of relief for consumers to give away free turkeys this year, because I remember last year a lot of stores were using turkeys either free or heavily discounted turkeys. That's kind of lost leaders to get people in the door free turkey. Yeah, if we can get my head around that. Yeah, I don't know. I mean, nobody eats turkey any other time of year, so I don't know. No, no, that's not true. Hold true. It cuts right there. I don't believe 1099 a pound. I refuse to believe that anyone needs turkey outside of the holidays. Or maybe you don't get out enough. All right, So when's that, Ramin? When's that invitation coming to holiday party? There's some supply chain issues, but they will. I guarantee you it's getting to you. Yeah. All right. That's what happens. All right, We have to go. I think so. Okay. I think I'm being told this is normally when Carol does that, but she always forget, you know, who else? And we're also having some salted caramel whiskey on later. Yeah, Sorry, guys. Of course. So radio is this is, you know, the term Jennifer alleges you're sitting next to that. I mean, all they do is really just do wine and whiskey segments on Fridays. It's kind of hard and that's all it is. So you're just living the life of Riley over there? Yeah, well, don't tell anyone. Yeah. How does turkey does turkey pair? Well, with this whiskey, they just give us tap water. It's exact. So we don't. We don't get it here as well with everything. All right, guys, that is going to do it for Beyond the Bell. Our cross-platform coverage of the market close on Bloomberg TV, on radio, on YouTube and Bloomberg originals. Meantime, catch us. Same time, same place on Monday. Have a great weekend, everyone.

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