Stocks Rise as Payroll Growth Slows: Trump Meets Oil Executives | The Close 1/9/2026

Watch on YouTube ↗ | January 09, 2026 at 23:47 | 1:45:27 | Bloomberg Markets

Speakers

Ed Morse — Energy Expert / Analyst

Donald Trump — President of the United States

Carly Davenport — Equity Analyst, Goldman Sachs

John Bolton — Former US National Security Advisor / Ambassador

Neil Atkinson — Former Head of Oil, IEA; Visiting Fellow, Center for Energy

Kash Razzaghi — Chief Business Officer, Circle

Janno Lieber — Chair and CEO of the Metropolitan Transportation Authority (MTA)

Sean Henry — CEO, Stord

Wyclef Jean — Global Advisor, Circle; Founding Member, The Fugees

Joe Mathieu — Host, Bloomberg Radio

Mark Nelson — Vice Chairman, Chevron

Summary

U.S. stocks rose after the first clean jobs report in months showed slower payroll growth but a lower unemployment rate, lifting the S&P 500, Dow, and Nasdaq to records while small caps outperformed. President Trump met with oil executives at the White House to discuss rebuilding Venezuela's oil industry with $100 billion of private spending and U.S. refining of Venezuelan crude. Analysts discussed power and utility demand from AI data centers, the market broadening trade, AI infrastructure bottlenecks and adopters, tariff litigation, supply-chain pressures, and Circle's stablecoin opportunity.

First jobs report in months showed slower payroll growth and lower unemployment; equities rallied to records.
Trump met oil executives on Venezuela, pitching a $100 billion rebuild, security guarantees, and U.S. refining of heavy crude.
Goldman analyst highlighted accelerating power demand and grid pressures, favoring natural gas, nuclear, solar and battery storage.
Gabelli manager saw further market broadening, lower-rate support for small caps, and AI opportunities shifting to adopters.
Eurasia Group discussed the Supreme Court tariff ruling, Plan B tariff authorities, refunds, and fiscal uncertainty.
Stord and Circle segments covered supply-chain disruption, a resilient holiday consumer, and stablecoin regulation and emerging-market growth.

Ideas

Ed Morse Energy Expert / Analyst 4:19

Gulf Coast refiners benefit from Venezuelan crude

U.S. Gulf Coast refiners were built to process heavy sour crude from Venezuela and Mexico; if Venezuelan supply returns, it would be inexpensive crude and the existing refining machinery could profitably process it, making refiners natural beneficiaries.

Donald Trump President of the United States 14:46

Trump-backed Venezuela oil plan lifts majors

Trump tells oil executives the U.S. will provide security and support while Venezuela opens its oil sector; companies can rebuild infrastructure and spend at least $100 billion, the U.S. will refine and sell Venezuelan crude, and named majors such as Exxon and Chevron should benefit.

Carly Davenport Equity Analyst, Goldman Sachs 39:37

Power demand accelerates; gas, nuclear, storage win

Power demand from data centers and electrification is real and accelerating, creating a grid crunch and higher utility bills; the buildout should require more natural gas, fewer coal retirements, more nuclear, and continued solar and battery storage, with better cost allocation to large loads.

John Bolton Former US National Security Advisor / Ambassador 55:49

Broadening trade has further room

The market broadening trade has legs: Magnificent 7 earnings growth contribution should fall to about 45% from 70%, the rest of the index is improving, large-cap valuations are not stretched, and rebounding manufacturing, consumer, and capital-markets areas can support the catch-up.

John Bolton Former US National Security Advisor / Ambassador 57:13

Big tech still good holdings

Large-cap growth fundamentals remain strong and valuations are relatively cheap rather than stretched, so those companies are still good holdings even as the market broadens.

John Bolton Former US National Security Advisor / Ambassador 58:51

Lower rates support small caps

Small caps should benefit from lower interest rates, which ease debt burdens and spark M&A, and from a broadening U.S. economy; the outlook is decent even though index-level judgments are difficult due to fallen angels.

John Bolton Former US National Security Advisor / Ambassador 63:26

AI bottlenecks in memory, storage, power

The AI trade rewards obvious supply constraints; bottlenecks in memory, storage, and power have emerged, and stocks in those subsectors have ripped; he believes the buildout is early enough to still have room to run.

John Bolton Former US National Security Advisor / Ambassador 65:31

Hyperscaler AI capex is sustainable

Hyperscalers are expected to spend over $500 billion on capex in 2026, but most can fund it from free cash flow without adding leverage and are already monetizing AI, making the spenders and their returns look favorable.

John Bolton Former US National Security Advisor / Ambassador 67:24

AI adopters are next winners

After the picks-and-shovels phase, the next AI winners should be adopters that use AI to drive efficiencies, improve margins, and enhance existing products.

John Bolton Former US National Security Advisor / Ambassador 67:41

Netflix uses AI to engage users

Netflix is an interesting example of an AI adopter that has used AI for a long time to improve user engagement.

Neil Atkinson Former Head of Oil, IEA; Visiting Fellow, Center for Energy 81:46

Gulf refiners profit from Venezuelan heavy crude

Venezuelan heavy crude is cheaper and the U.S. Gulf Coast refining system is configured to process it, yielding higher profits; refiners can take more volumes if supply returns.

Kash Razzaghi Chief Business Officer, Circle 99:49

Regulation and emerging markets boost Circle

Regulation helps Circle because it has acted as if regulated from founding; the company welcomes the right rules and is positioned for global stablecoin adoption, especially in emerging markets with currency volatility and limited financial access.

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