Bloomberg Surveillance 7/24/2026

Watch on YouTube ↗  |  July 24, 2026 at 16:22  |  2:24:11  |  Bloomberg Markets
Speakers
Keith Lerner — Chief Investment Officer, Truist Wealth
Angelo Zino — Senior Equity Analyst, CFRA Research
Rebecca Babin — Senior Energy Trader, CIBC Private Wealth
Meghan Swiber — Rates Strategist, Bank of America
Kara Murphy — Chief Investment Officer, Kestra Investment Management
Lisa Abramowicz — Anchor, Bloomberg Television and Radio
Dan Greenhaus — Chief Strategist, ICAP
Michael Ventura — Head of Equity Capital Markets, RBC Capital Markets
Sen. David McCormick — U.S. Senator (R-Pa.)
Jeetu Patel — President and Chief Product Officer, Cisco

Summary

The program covered market tensions between AI infrastructure spending, geopolitical risks in the Middle East, and a potential Fed rate hike. Analysts discussed a rotation away from mega-cap tech into broader equities as oil prices surged and bond yields remained elevated. Intel's blowout earnings highlighted a CPU comeback, while the oil outlook pointed to upside risk. Mid and small caps were flagged as attractive alternatives.

  • AI infrastructure spending faces increasing market skepticism and debt-market pushback.
  • Oil near $100 on Iran escalation and critically low inventories, with upside risk.
  • Bond yields hold elevated levels without a growth scare, keeping rate hike debate alive.
  • Rotation from over-owned mega-cap tech into industrials, financials, and energy continues.
  • Intel's blowout quarter signals CPU demand from AI inferencing, but market reaction muted.
  • Mid and small-cap equities seen as overlooked opportunity with improving earnings.
  • New U.S. tariffs on 60 trading partners add to inflation and deficit concerns.
  • Fed decision next week highly uncertain, market pricing a chance of a July hike.
Ideas
Keith Lerner Chief Investment Officer, Truist Wealth 6:20
Tech pullback is a longer-term buying opportunity.
Technology valuations have rerated significantly; the sector's premium to the market has evaporated from 45% to 10%, with multiples dropping from 32x to 23x. Strong revenue growth persists, and this pullback is a reset that ultimately presents a buying opportunity for the longer term, as previous bull market pullbacks have been followed by outperformance.
XLK HIGH
Keith Lerner Chief Investment Officer, Truist Wealth 6:50
Market rotation supports S&P 500 resilience.
The current market move is rotation, not broad-based liquidation, with capital moving from mega-cap tech into energy, industrials, financials, and healthcare. The economy remains resilient and earnings continue to be the north star, so a stronger economy with higher rates supports the S&P 500.
SPY MED
Keith Lerner Chief Investment Officer, Truist Wealth 12:08
Semiconductor reset has further to go near-term.
Semiconductors came off an 80%+ quarter, pricing in a lot of good news. The cooling or reset in semiconductors likely has further to go because the run was so overheated, making near-term risk/reward unattractive.
SMH MED
Angelo Zino Senior Equity Analyst, CFRA Research 32:57
Intel's AI inferencing and foundry drive upside.
The shift toward greater AI inferencing and AI agents creates a sustained growth opportunity for CPUs, leading to strong results through 2027. Intel is also benefiting from geopolitical uncertainties that favor its domestic foundry business, making the turnaround story compelling.
INTC HIGH
Rebecca Babin Senior Energy Trader, CIBC Private Wealth 42:02
Oil upside risk on tight supply and geopolitics.
Oil's risk is skewed significantly to the upside because inventories are meaningfully lower, China's demand reduction has buffered but not solved the tightness, product markets (especially diesel) are extremely tight with limited buffers, and the geopolitical backdrop with Iran leaves no margin for supply disruption.
BNO MED
Lisa Abramowicz Anchor, Bloomberg Television and Radio 50:40
American Airlines faces fuel and competitive headwinds.
American Airlines is the clear underperformer among major airlines after downgrading its full-year forecast for the second time due to surging fuel bills, a debt hangover, and a competitive disadvantage versus premium carriers, making it vulnerable.
AAL MED
Meghan Swiber Rates Strategist, Bank of America 101:32
Yield curve flattening favored on Fed hike risk.
The Fed is likely to hike rates, and the market is underpricing the pace. A hike would reinforce Fed credibility and anchor long-term inflation expectations, leading to a flatter yield curve. Even if the Fed holds, longer-term yields may continue to rise, so holding a flattener position is favorable.
US 2s10s Yield Curve Flattener HIGH
Kara Murphy Chief Investment Officer, Kestra Investment Management 142:31
US mid/small caps offer better value now.
Mid and small-cap companies have been largely overlooked as the market concentrated in mega-cap tech, but the economic backdrop remains strong with resilient consumers and labor, and these smaller companies should deliver earnings growth, providing a better bang for the buck outside of mega-cap tech.
RTY MED
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This Bloomberg Markets video, published July 24, 2026, features Keith Lerner, Angelo Zino, Rebecca Babin, Lisa Abramowicz, Meghan Swiber, Kara Murphy discussing XLK, SPY, SMH, INTC, BNO, AAL, US 2s10s Yield Curve Flattener, RTY. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Keith Lerner, Angelo Zino, Rebecca Babin, Lisa Abramowicz, Meghan Swiber, Kara Murphy  · Tickers: XLK, SPY, SMH, INTC, BNO, AAL, US 2s10s Yield Curve Flattener, RTY