Bloomberg Surveillance 5/27/2026
Спикеры
Mark Haefele
— Директор по инвестициям, UBS Global Wealth Management
Frank Lee
— Аналитик, HSBC
Darrell Cronk
— Директор по инвестициям, Wells Fargo
Ed Yardeni
— Президент, Yardeni Research
John Vinh
— Аналитик, KeyBanc Capital Markets
Jim Caron
— Директор по инвестициям, управление портфелем, Morgan Stanley Investment Management
Blerina Uruci
— Economist, T. Rowe Price
The episode covers record equity highs driven by AI capex and strong earnings, with guests expressing bullish views on the S&P 500, gold, Marvell, Micron, and select sectors like financials, industrials, and utilities. Inflation concerns from the Iran conflict and oil prices persist, but many see a broadening rally if geopolitical tensions ease. The Fed is expected to stay on hold, with new Chair Kevin Warsch facing a complex inflation backdrop.
- S&P 500 and Nasdaq hit record highs, led by tech and memory stocks.
- UBS's Mark Haefele is bullish on S&P 500 and gold, citing AI capex and de-dollarization.
- HSBC's Frank Lee highlights Marvell's custom silicon and networking role in AI.
- Wells Fargo's Darrell Cronk favors tech but sees value in financials, industrials, and utilities.
- Ed Yardeni expects S&P 500 to reach 10,000 driven by earnings momentum.
- KeyBanc's John Vinh is bullish on Micron on structural supply tightness and re-rating.
- Morgan Stanley's Jim Caron sees a broadening rally and higher nominal growth supporting equities.
- Oil prices fell on reports of a potential US-Iran deal, boosting equities and airlines.
Идеи
S&P 500 bullish on AI capex.
The market is transitioning to a higher nominal growth world where equities outperform. A broadening of the rally is expected once energy costs decline. Portfolios should tilt more toward equities, including small and mid-caps.
Gold as de-dollarization hedge.
Gold remains a strategic hedge against de-dollarization, weaponization of the US dollar, and sanctions. Central bank buying and client interest in dedollarization support the gold trade over the long term.
Marvell benefits from custom silicon.
Marvell Technology benefits from the hyperscaler push into custom silicon (ASICs) and optical transceivers. As AI data centers demand faster networking, Marvell's position as a networking and custom chip player provides significant upside.
Tech favored despite parabolic move.
Technology remains the favored sector given 37% gains over eight weeks and strong earnings growth, though chasing the parabolic move requires caution. He continues to favor tech exposure.
Financials attractive on relative value.
The financial sector is undervalued relative to the S&P 500, down year-to-date, with pristine balance sheets, record M&A, and large IPOs coming. It offers attractive earnings growth at reasonable valuations.
Industrials oversold on geopolitical fears.
Industrials have sold off since the Iran conflict began, but should benefit from underlying spending trends. The sector offers good earnings growth at reasonable prices.
Utilities offer value and income.
Utilities are down over the last three months and offer value in a market where other sectors have run up. They provide a defensive tilt with good income potential.
Micron re-rating on supply tightness.
Micron's memory supply is tightening further than expected. Hyperscalers are entering long-term agreements with upfront capital to secure capacity, which limits downside risk and supports a structural re-rating from P/B to P/E valuation.
Далее
This Bloomberg Markets video, published May 27, 2026, features Mark Haefele, Frank Lee, Darrell Cronk, John Vinh discussing SPY, GLD, MRVL, XLK, XLF, XLI, XLU, MU. 8 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Mark Haefele, Frank Lee, Darrell Cronk, John Vinh · Tickers: SPY, GLD, MRVL, XLK, XLF, XLI, XLU, MU