Closing Bell: Wells Fargo Higher, Fannie and Freddie Decline, Walmart Rises on ChatGPT Partnership

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Matt Miller, Katie Greifeld, Isabelle Lee and Carol Massar.

On this episode of Stock Movers:

- Wells Fargo (WFC) closed higher, soaring in their biggest gain since Trump's election win. The bank raised a key profitability metric, aiming to achieve return on tangible common equity of 17% to 18% in the medium term. The lender reported net interest income of $11.95 billion in the third quarter, slightly missing analysts' estimates of $12.01 billion.

- Walmart (WMT) shares rose on news that the retailer is teaming up with OpenAI to enable shoppers to browse and purchase its products on ChatGPT. Users will be able to shop Walmart's assortment directly on ChatGPT by clicking a "buy" button, with the catalog including apparel, entertainment, packaged food and other products.

- Fannie Mae (FNMA) and Freddie Mac (FMCC) had four straight days of losses. Bloomberg Intelligence analyst Ben Elliott says Fannie and Freddie investors are finally starting to see dilution risks. He notes a recent social media post by Federal Housing Finance Agency (FHFA) Director Bill Pulte urging investors to fully grasp the risks the companies outline in their 10-K filings — including that ending the conservatorships could significantly dilute or even wipe out the value of common and junior preferred stock.

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