The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Kayne Anderson Rudnick Portfolio Manager, Senior Research Analyst Julie Biel, KPMG Chief Economist Diane Swonk, Jefferies Tech Sector Leader, Software/Internet Research Brent Thill, Zscaler CEO Jay Chaudhury, Wealth Enhancement Group Senior Investment Strategist Ayako Yoshioka, The Points Guy Senior Newsletter Editor Becky Blaine, & SUNY Purchase President Michael Steiper.

Chapters:
00:00:00 Bloomberg The Close
00:02:30 Markets, Treasury Yields & the Selective Consumer
00:05:19 AI Data Centers, Inflation & the Fed
00:09:34 KPMG’s Diane Swonk on Jobs, Inflation & Rate Hikes
00:13:02 Labor Market Strength & the Fed’s Next Move
00:17:27 Top Calls
00:18:35 Jefferies on Adobe’s New CEO & Oracle Earnings
00:22:02 Oracle, OpenAI & the AI Infrastructure Trade
00:23:19 Zscaler CEO on AI Security & Enterprise Risk
00:26:34 Securing AI Agents & Zscaler’s Growth Strategy
00:31:31 Airlines, Jet Fuel Prices & the Labor Day Travel Boom
00:35:24 AI Infrastructure, Inflation & Market Countdown
00:38:13 AI Financing, Hyperscaler Debt & Treasury Competition
00:41:16 Treasuries vs. Stocks & the Fed Rate Outlook
00:43:07 Markets React to Jobs Report & Rate-Hike Risk
00:46:21 Tech Stocks, AI Trade & Market Movers
00:52:00 AMC, Robinhood & the Tokenized Securities Debate
00:54:04 Market Recap: Tesla, FICO & Lululemon
00:56:06 Labor Day Travel: Airfares, Hotels & Gas Prices
00:59:12 Points, Miles & How to Find Holiday Travel Deals
01:03:46 SUNY Purchase President on the Value of a College Degree
01:07:03 College Costs, Student Debt & Higher Education Challenges
01:10:24 How Families Are Paying for Rising College Costs
01:14:12 Student Loans, Savings & the Cost of a Degree
01:17:25 International Students & the Future of U.S. Higher Education
01:21:39 DOJ Scrutiny of Colleges, Admissions & Federal Funding
01:24:18 What to Watch
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Get a jump start on the US trading day with Dani Burger on “Bloomberg Open Interest.” Nvidia makes another massive AI bet, striking a nearly $13 billion deal for Hugging Face. Blackstone caps private-credit redemptions again, while Elliott takes aim at Deutsche Telekom’s T-Mobile strategy. Plus, Matchroom Chairman Eddie Hearn reveals the location of the Fury-Joshua battle and his next big US expansion. And BWH Hotels CEO Larry Cuculic joins us on shifting travel demand, rising costs and the World Cup boost.

Chapters:
00:00:00 – Open Interest
00:01:54 – Nvidia’s $13B Hugging Face Acquisition, AI Software Strategy & Broadcom Concerns
00:05:30 – Snowflake’s AI-Fueled Surge, Software Rebound & HP Enterprise Earnings
00:07:05 – Trump, Iran, Rising Energy Prices & Midterm Election Risks
00:12:17 – Blackstone Redemption Limits, Private Credit Anxiety & Elliott’s Telecom Push
00:16:12 – High Interest | Waller’s Inflation Warning, Record 401(k) Millionaires & Gloria Steinem’s Legacy
00:17:58 – Waller vs. Warsh, Fed Communication Strategy & CPI Stakes
00:23:40 – AI Valuations, Rising Yields, Safe Haven Concerns & S&P Outlook
00:32:19 – Top Calls | Deere Upgrade, Snowflake AI Optimism & Broadcom Mixed Reviews
00:33:24 – Nvidia’s Hugging Face Deal, Open-Source AI & Broadcom’s Customer Concentration Risk
00:44:23 – ISM Services Data, Inflation Pressures & September Fed Debate
00:47:56 – Katherine Bordlemay Goldman Sachs | Earnings Strength, AI Leadership, Rising Rates & Global Equity Allocation
00:54:33 – Iran Conflict Escalation, Strait of Hormuz Risks & U.S. Military Strategy
01:00:22 – Big Take | Virginia’s Data Center Revolt, AI Infrastructure Backlash & Community Opposition
01:06:02 – Larry Cuculic BWH Hotels| Travel Demand, Consumer Resilience & Best Western’s Growth Strategy
01:15:20 – Eddie Hearn Matchroom Sport | Matchroom Boxing, Women’s Sports Growth & Tyson Fury-Anthony Joshua Talks
01:24:23 – Record 401(k) Millionaires, Retirement Reality & Market Wealth Effects
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Bloomberg’s Sarah Foster joins Scarlet Fu on “Bloomberg Money.” In 2022 Congress tweaked the rules covering 529 plans. Now, people without kids are now able to pour money into those accounts after hitting the annual limits for contributing to their retirement plans — treating the 529 as a backdoor for funding a Roth IRA.
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Mark Zandi, Chief Economist at Moody’s Analytics, says Nvidia is a “juggernaut” and that AI accounts for at least a quarter of economic growth. Zandi thinks AI is already supporting the demand side of the economy and adding modestly to inflation, but clear productivity gains have not yet appeared. Zandi argues those gains are essential to sustaining company valuations. He also expects Federal Reserve Chair Kevin Warsh’s Jackson Hole speech to be relatively quiet and not market-moving. He speaks with Joe Mathieu and Tyler Kendall on the late edition of Bloomberg’s “Balance of Power.”
——–
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Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day than “Bloomberg Surveillance.”

Chapters:
00:00 Jobs Surprise, Fed Divide and AI Backlash
05:06 Cyclical Weakness Is Starting to Show in Stocks — Chris Verrone, Baird Strategas
20:47 A Quarter-Point Hike Won’t End the AI Trade — Chris Verrone, Baird Strategas
30:43 Small-Bank Deregulation Could Unlock More Lending — Jill Castilla, Citizens Bank of Edmond
41:28 Give Disinflation a Chance Before Hiking — Michael Gapen, Morgan Stanley
54:24 A Hold Could Stabilize the Long End — Priya Misra, JPMorgan Asset Management
1:08:05 Political Pressure Won’t Sway Rate Policy — Priya Misra, JPMorgan Asset Management
1:21:44 Data Center Backlash Could Start Hurting AI Demand — Mark Newman, Bernstein
1:29:11 Almost Nothing Is Driving Disinflation — Frances Donald, RBC
1:39:23 Fed May Need a -100K Print to Rethink Full Employment — Brian Nick, NewEdge Wealth
1:52:36 Fed Could Be Headed for a Historic 6-6 Vote — Jim Bianco, Bianco Research
2:00:39 US Adds 162,000 Jobs, Topping All Estimates — Michael McKee
2:05:39 Inflation, Not Jobs, Will Dictate the Next Rate Move — Stephanie Roth, Wolfe Research
2:16:16 Risk Assets Can Withstand a Rate Hike — Jeffrey Rosenberg, BlackRock
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Watch it live every week day from 6-9 ET on Bloomberg Television, YouTube, Roku, Apple TV, Samsung TV, Android TV, Rakuten TV.

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