Stocks Fall With Bonds as Oil Surges Anew on Iran | Closing Bell

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here with Katie Greifeld taking you through to that closing bell. It's a global simulcast. Carol Massar and Centrebet join us now. Welcome to our audiences across all of our Bloomberg platforms Television, Radio. Our partnership with YouTube to parse the most crucial moments of the day. And another wild day. It was Carol Massar. Man, it was wild, right? And we're looking at a market trade that, you know, we're still down across the board, but we're seeing some buying here into the close. So definitely off some of our worst levels of the trade here in the S&P 500 today, the worst level was 1.44%. Now we're up down of only about 6/10 of 1%. So kind of a similar story that we saw a couple of days ago where the lows happened in, you know, earlier in the session and we recovered from those lows. The question is, what shifted for investors? What are they looking at differently? Yeah, not clear what is driving the bounce back other than maybe the fact we're just getting closer to the close. But it was interesting to see that big draw down Earlier in the day on this Bloomberg News headline that the U.S. is considering requiring permits for global chip sales here. Basically, the U.S. would then be the gatekeeper, gatekeeper. And that certainly took a chunk out of the likes of Nvidia, out of the likes of AMD. And you're seeing that still when it comes to the stock. And now Nvidia's higher, though. Mm hmm. Now, one thing that was interesting, too, when we look at the index level two, that's different. You know, it was there. Dan Curtis pointed this out that the idea that the last few days we still, wherever we open, we still manage to close above that even at the day was down. Today it looks like it's going to be different where we are actually going to close below where we open here. So that gives you some idea here as to the idea of momentum and whether that momentum is still, despite the defined that we saw here into the closing bell, still potentially to the downside. Let's walk you through the numbers here. On this Thursday afternoon, the S&P 500 down roughly about 39 to 40 points. It takes a while for these numbers to settle, but it's still going to be a drop of about 6/10 of 1%. The Dow losing almost 800 points or about 1.6%. The Nasdaq composite down about 60 points or a quarter of a percent. And the Russell 2000, that's one of your biggest laggards here on the day, losing about 50 points or 1.9%. All right. Just digging inside the S&P 500. Even so, we are no surprise to see most names, Katy, in the S&P 500 lower for the Thursday trade, 365 names to the downside, 137 gaining ground today. And you've got one unchanged. Similar breakdown when you take a look at the sector level, three sectors finishing in the green, eight in the red in terms of what did well today, you can see tech up there performing higher by about 4/10 of a percent. Energy was your winner on the day higher by about 6/10 of a percent. Even with this Bloomberg News article that Trump is, the administration is basically eyeing all options to cut oil prices. All options, all options, including maybe action. Why not just sell off futures? Not all of them. They're all on the table. Consumer staples down about 2.4% Carol. All options. You mean maybe they'll pay when I fill up at the top. It's it's theoretically on the table. That would be inflationary, I feel like. Would it be inflation if they paid for your gas? Absolutely. Maybe we'll find out. Let's get to some of the individual drives. I love to drive. Who doesn't love to drive safely? Yes, exactly. Oh, my goodness. All right. Let's get to some of the individual gainers. This was the number one gainer on the Nasdaq 100 number three gainer in the S&P 500. I'm ignoring you. Booking holdings, a gain of about eight and a half percent. Mizuho, Mizuho, Mizuho. I know. I always I. Right. Ignore him. Ignore him. It's killing me. Mizuho moving the firm's top pick in Internet to booking holdings away from Airbnb on the expectation of a major relief rally. And this coming after the information reported that open air is pulling back from native chat checkout, pivoting instead to app based purchases. So the firm believes that chatter beats reported pivot away from on platform shopping checkout. If true, could spell the beginning of the end of major disruption fears for Internet marketplace businesses, including online travel agents and others. So they're like in this one in a big way. So investors moving into that, I think you saw investors move into Expedia as well. Let's go to Broadcom. It is topping the Nasdaq 100, up about 4.8%. We did see the stock bouncing around last night after it reported its latest quarterly update. It did settle in today, higher after the company posted first quarter results that beat expectations on key metrics, gave a positive revenue outlook. The CEO, Hock Tan, saying the company expects its AI chip sales to top 100 billion next year and that they've got the supply chain to do it. Super important, marking major inroads into territory dominated by NVIDIA. We know where they're trying to go after it. And then here's for something different. I'm hoping you're going to find this entertaining. Ramy We are seeing stable offshore Asus be entertaining. I'm very familiar with this story. Let me see where you're going with that. Oh, okay. What part? You know, everything. The stock up about 37%. It's a $1.8 billion market cap. Oil and gas exploration company jumping today, extending a recent rally to a fifth straight session that has pushed the stock up about 60% in the past five days. This amid news earlier this week that the Trump administration will seek to invoke an act to allow the company's Santa Ynez pipeline unit to restart energy production. Keep in mind, 27% of the float is short. So tell me more. Is there more that you want to add to it? No. I thought you were going to say something funny or interesting. Yeah, that never happens. You know, that's what my brothers always say. They're a tough crowd, too. All right. Let's put to some of the decliners on the day. Any day, brothers. They sound cool. There They are. A lot of fun. I'm looking at what happened to 80 hours of Roche today, down 6.3%. At midday. We saw shares take a dive. This after we got results of Roche Holding and Zeeland Pharma's experimental obesity shot. It helped patients lose as much as 10.7% in a study with a side effects comparable to that of a placebo. The reason why shares fell is because investors compared that to a similar drug from Eli Lilly that delivered as much as a 20% weight loss. So that result underwhelming to investors. Starboard Holdings not having a very good day. The ticket reseller shares fell by 12.4% today. This after the company's 2026 forecast and fourth quarter results came in below Wall Street estimates. Analysts pointed to challenges for comps because there's not a Taylor Swift tour to boost sales. That is the power it has to take a break out of Taylor Swift. I got to get married, make a family. A couple of firms also downgraded. The stock shares fell 12.4%. And no other tours. I mean, it's Taylor. It's Taylor. You know, she's she drives around the world. Bad bunny. He's a big liar. Yeah, that's a big one. Yeah. I'm. I'm also watching shares of UPS, United Parcel Service. They were on track. Yeah. Did you see this? They were on track to actually close at a market value that would fall below FedEx for the first time ever, reflecting investors lingering anxiety around UPS's long term growth trajectory. There's a little uptick. At the end of the day, FedEx is at $87 billion in market cap ups still above it at $88.35 billion. So that day, Romaine will have to wait. All right. Let's get you some earnings. Marvell Technology, that semiconductor maker out with its results here, $0.80 a share. That is the bottom line number. A beat of about a penny revenue in the most recent quarter, 2.22 billion, basically on the nose of what the street was looking for, not seeing a revenue forward forecast jump out at me. But adjusted gross margins also coming in line with estimates at about 59%. But you see the knee jerk reaction there of up about 6%. We'll try to dive a little bit deeper to find out exactly why. And let's take a quick check of yields as well. We're actually up for a fourth straight day on benchmark ten year yield. It's something that, of course, hasn't actually happened since early December of last year. A repricing out here of Fed expectations, you see that also reflected in your two year yield higher by about three basis points. Hey, quick commentary on Marvell in the press release. Company's chairman and CEO, Matt Murphy. He says we expect year over year revenue growth to accelerate each quarter in fiscal 2027, driven by continued strength in our data center business, with bookings continuing to grow at a record pace. So maybe investors certainly excited about that. Hey, what I'm excited about is that thank you United. So they basically have updated their policy. Just listen. Listen, This is the whole point. Listen, They're going to require passengers. They're required to use headphones for audio or video. I don't even know why we have to tell people, Oh, I know what to do. I know. I know. We've been on a plane lately. If you don't do it, they can remove you from the flight and possibly do a permanent ban. Read the fine print, folks. And if we could just do that on Subway Series, please. Fired up here because who hurt you, Carol? No, It's like, be considerate. Yeah. Huh? I do want to know. I mean, how many repeat offenses do you have to have to be permanently banned from the airline? That is my big question. Reading this story. You're going to remove them. They'll be putting this on the flight attendants. Again, I thought that I started to feel sorry for them. Yeah, they're already dealing with all kind of unruly stuff. Yeah. So but yeah, but Carol, you seem very happy for you. And I love I love I love people. I love the sharing concept, but sometimes I don't really want them. I don't want to, you know, I don't want to share audio, you know, I don't want to hear what you're listening to. You know, you think it's dope, but I don't. So I have no comment.

Watch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec. A slide in chipmakers dragged down stocks while a bond selloff deepened amid a spike in oil as headlines continued to depict war escalating in Iran and the Middle East. Bitcoin slumped. While the S&P 500 bounced from session lows, most of its shares fell. A key gauge of semiconductor firms dropped 1.2% as Bloomberg News reported the US is considering requiring permits for artificial-intelligence chip sales. The US-Israeli war on Iran waged for a sixth day with little sign of easing, extending a surge in energy prices. US oil settled around $81 on signs the conflict is disrupting crude flows to key buyers, with top importer China moving to conserve fuel. The Trump administration is weighing a range of options for addressing the surge in oil and gasoline prices, Interior Secretary Doug Burgum said. The S&P 500 lost 0.6%. The yield on 10-year Treasuries climbed three basis points to 4.13%. The dollar added 0.4%. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake