Buzzberg Cup Live

Bloomberg Surveillance 7/16/2026

Watch on YouTube ↗  |  July 16, 2026 at 15:16  |  2:24:18  |  Bloomberg Markets
Speakers
Brian Levitt — Global Market Strategist, Invesco
Tom Fitzgerald — TD Cowen
Jonathan Golub — Chief US Equity Strategist, UBS
Thomas Michaud — CEO, KBW
Oksana Aronov — Fixed Income Strategist, JPMorgan Asset Management
Julie Biel — Portfolio Manager, Kayne Anderson Rudnick
Lisa Abramowicz — Anchor, Bloomberg Television and Radio
Scott Kirby — CEO, United Airlines
Brian Moynihan — CEO, Bank of America

Summary

The program covers record bank earnings, robust consumer spending, and an AI-driven capex boom. Escalating US-Iran tensions keep oil prices elevated but markets treat it as negotiation. Analysts and strategists debate the sustainability of tech earnings and favor financials, small caps, and specific stocks. Fixed-income experts see sticky inflation pressuring long-dated Treasuries.

  • Banks (Goldman, Morgan Stanley, BofA) report record revenues and trading profits.
  • Tech earnings beat estimates but high expectations trigger selloffs; rotation discussed.
  • Consumer remains resilient despite higher fuel costs; retail sales beat, jobless claims low.
  • US strikes Iran for fifth day; oil stable as market sees escalation as negotiation tactic.
  • Fed on hold, sticky inflation; long-end Treasury yields face upward pressure.
  • AI investment cycle continues; small caps and healthcare seen as beneficiaries of AI adoption.
  • Airlines (United, Delta) raise guidance on strong pricing power and premium demand.
  • Analysts bullish on financials, specific bank stocks, broad equity market, and small caps.
Ideas
Brian Levitt Global Market Strategist, Invesco 5:47
Broaden exposure to financials
Market activity is broadening beyond tech mega-caps. Financials and other parts of the S&P 500 are performing well, which is comforting and not a sign of the economy or market rolling over. Earnings growth and fundamentals remain strong, supporting further broad-based gains.
XLF MED
Tom Fitzgerald TD Cowen 43:06
Delta and United are top airline picks
Delta and United are the best-positioned airlines. They have the strongest balance sheets, most diverse revenue streams, and most resilient business models. Despite high fuel costs, strong demand and pricing power protect margins. Both are buys.
DAL UAL HIGH
Tom Fitzgerald TD Cowen 45:24
American Airlines deleveraging story merits buy
American Airlines is a buy. The industry can take price, and American can dramatically deleverage from 5x to 3x net leverage, offering a strong return opportunity. The company is pivoting to premium investments and growing internationally.
AAL HIGH
Jonathan Golub Chief US Equity Strategist, UBS 53:23
Earnings boom supports S&P 500 rally
Current earnings growth is a once-in-a-lifetime event outside a recession. Growth is extremely broad, with financials, energy, and tech all posting huge numbers. Inflation is not worsening, so the supportive backdrop continues. US equities should keep rising.
SPY HIGH
Thomas Michaud CEO, KBW 84:53
Morgan Stanley benefits from fee income shift
Morgan Stanley spent decades building fee-income businesses and is now being rewarded. The company is better positioned for sustained market-share gains than Goldman Sachs in this environment.
MS HIGH
Thomas Michaud CEO, KBW 85:04
Citigroup offers return on capital improvement
Citigroup remains attractive even after the post-earnings selloff. It is a return-on-capital improvement story, and the broader banking sector tailwinds will drive further upside.
C HIGH
Thomas Michaud CEO, KBW 85:10
Regional banks with profitability improvement stories
Regional banks KeyCorp and Citizens Financial are compelling profitability improvement stories. As the whole banking group catches a tailwind, regionals are starting to catch up, and their turnaround stories offer upside.
KEY CFG HIGH
Thomas Michaud CEO, KBW 85:26
Bank of America has durable improvement story
Bank of America's improvement story has durable legs. The company is benefiting from market-share gains, operating leverage, and a favorable regulatory environment, making it a long-term outperformer.
BAC HIGH
Oksana Aronov Fixed Income Strategist, JPMorgan Asset Management 93:38
Short long-dated Treasuries on sticky inflation
The Fed's hands are tied, inflation is sticky, and fiscal spending is accelerating. Long-end Treasury yields will struggle to rally because of inflation fears, potential China selling, and weak foreign demand. Shorting long-dated bonds is the trade.
TLT MED
Julie Biel Portfolio Manager, Kayne Anderson Rudnick 105:37
Small caps benefit from AI adoption as users
AI benefits will flow to the users, not just the sellers. Small-cap companies adopting AI can become more competitive and less cyclically dependent. This creates a long opportunity in small caps as a diversified play on AI adoption.
IWM LOW
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This Bloomberg Markets video, published July 16, 2026, features Brian Levitt, Tom Fitzgerald, Jonathan Golub, Thomas Michaud, Oksana Aronov, Julie Biel discussing XLF, DAL, UAL, AAL, SPY, MS, C, KEY, CFG, BAC, TLT, IWM. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brian Levitt, Tom Fitzgerald, Jonathan Golub, Thomas Michaud, Oksana Aronov, Julie Biel  · Tickers: XLF, DAL, UAL, AAL, SPY, MS, C, KEY, CFG, BAC, TLT, IWM