Bloomberg Businessweek

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.  You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: http://bit.ly/3vTiACF. 

  1. 21 HR AGO

    Wealth Manager Stocks Sink as Traders Flee Next AI Casualty

    The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. An artificial intelligence tool aimed at creating tax strategies sparked a selloff in wealth-management stocks Tuesday as investors fear the business could be at risk from automated advice. The innovation puts the wealth-management industry in the crosshairs of AI competition, the way it did for software stocks and private credit firms last week and insurance brokerage shares on Monday. Investors responded precisely the way they did before — by unloading the stocks. Raymond James Financial Inc. dropped 8.8% for its worst day since March 2020, while Charles Schwab Corp. sank 7.4%% and LPL Financial Holdings Inc. lost 8.3%, their worst sessions since April. The move appeared to catch Wall Street off guard, as Charles Schwab is the only stock with a sell rating, and it has just one among the 24 analysts tracking the company. The new tool, unveiled by closely held tech startup Altruist Corp. on Tuesday, helps financial advisers personalize strategies for clients and create pay stubs, account statements and other documents, the company said in a statement. Altruist’s founder and Chief Executive Officer Jason Wenk started his career at Morgan Stanley and Chief Operating Officer Mazi Bahadori worked at Pimco Investment Management, so the firm’s leadership has experience with how Wall Street and the investment community operate.  Today's show features: Bloomberg Intelligence Financials Analyst Neil Sipes breaks down quarterly earnings from Robinhood Markets and the hit to wealth-management stocks on AI fears Kathy Jones, Chief Fixed Income Strategist, Schwab Center for Financial Research, on the treasury trade and US monetary policy outlook Cheryl McKissack Daniel, Chair of the Board at McKissack & McKissack, on her family-run construction business, which dates back more than 120 years, and her appointment as the next Chair of the New York Building Congress Bloomberg Opinion Editor Mark Gongloff on key policy changes at the Environmental Protection Agency and new financing for a project aimed at installing small nuclear reactors underground See omnystudio.com/listener for privacy information.

    35 min
  2. 1 DAY AGO

    S&P 500 Closes Near Record as Tech Keeps Rallying

    The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Another rally in tech companies after an artificial intelligence-driven rout drove stocks higher ahead of economic data that will help shape the Federal Reserve outlook. Gold topped $5,000. The dollar fell. Following a surge that added $1 trillion to the S&P 500’s value at the end of last week, the index kept rising to approach its all-time highs. The technology firms that were at the center of a bruising slide continued to bounce. A gauge of chipmakers climbed 1.4% while an ETF focused on software names extended a back-to-back advance to almost 7%. Oracle Corp. jumped 9.6%. In order to finance its AI ambitions, Alphabet Inc. is set to raise $20 billion from a US dollar bond offering — more than the $15 billion expected — and is also pitching investors on what would be its first ever offerings in Switzerland and the UK. The latter would include a rare sale of 100-year bonds. Traders are also gearing up for a busy week of economic data that include the two most-consequential snapshots — employment and inflation. The jobs report - due Wednesday - is expected to show payrolls rose 69,000 in January. The unemployment rate is seen steady at 4.4%. The data will also include historical revisions that are anticipated to show a sizable downward adjustment to payrolls in the year through March 2025. Today's show features: Stuart Kaiser, Head of US Equity Trading Strategy at Citi, on the tug-of-war between market momentum and seasonal trends Bloomberg News Health Reporter Madison Muller on Novo Nordisk suing Hims and Hers Health for making knock-offs of its obesity medicines Joyce Huang, Senior Client Portfolio Manager with American Century Investments, on the fixed income market and the key drivers for near-term equity market returns Denise Paulonis, President and Chief Executive Officer of Sally Beauty Holdings, on quarterly earnings and the health of the consumer See omnystudio.com/listener for privacy information.

    35 min
  3. 4 DAYS AGO

    White House Explores Opening Antitrust Probe on Homebuilders

    The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Trump administration officials are exploring opening an antitrust investigation into US homebuilders as the White House sharpens its focus on tackling the country’s housing affordability crisis. The Department of Justice could open the probe in the coming weeks, according to people familiar with the discussions. No decision has been made and the administration may abandon the effort without launching an investigation, the people said, asking not to be identified discussing non-public information. One potential focus is on how information is shared through an industry trade group called Leading Builders of America, according to the people. Officials have grown concerned that the trade group — whose members include Lennar Corp. and DR Horton Inc. — could be used to restrict housing supply or coordinate pricing, the people said. A White House representative referred a request for comment to the Department of Justice, which declined to comment. Representatives for the homebuilders and the trade group didn’t immediately respond to requests for comment. The administration’s interest in homebuilders comes during a period where the cost of buying a home is at its most expensive in decades, with the Covid-era housing boom and subsequent interest rate hikes weighing heavily on buyers. It’s also a precarious time for the builders themselves, with the inventory of unsold homes hovering at high levels. President Donald Trump put the industry on alert in October, when he used a social media post to compare big homebuilders to The Organization of the Petroleum Exporting Countries, which wields immense control over the oil market. Today's show features: Bloomberg News Real Estate Reporter Patrick Clark discussing on Trump administration officials mulling an antitrust probe into US homebuilders to tackle the country's housing affordability crisis Gregory Daco, Chief Economist at EY, on expectations for the upcoming January jobs report and the broader US economic outlook Mark Mahaney, Senior Managing Director and Head of Internet Research at Evercore ISI, on mega-cap tech firms’ AI spending splurge and recapping earnings from Alphabet, and Amazon Bloomberg News Executive Editor for Crypto, Payments and Digital Finance stacy-marie ishmael on this week’s large swings in Bitcoin and cryptocurrency prices See omnystudio.com/listener for privacy information.

    35 min

Shows with Subscription Benefits

Unlock episodes early and listen ad-free.

About

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.  You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: http://bit.ly/3vTiACF. 

More From Bloomberg

You Might Also Like