Bloomberg Surveillance 7/1/2026

Смотреть на YouTube ↗ | 01 июля 2026, 14:56 | 2:24:18 | Bloomberg Markets

Спикеры

Brian Levitt — Глобальный рыночный стратег, Invesco

Angelo Zino — Старший аналитик по акциям, CFRA Research

Jill Carey Hall — Bank of America

Victoria Fernandez — Представитель, Crossmark Global Investments

Andrew Hollenhorst — Chief Economist, Piper Sandler

Jordan Jackson — Глобальный рыночный стратег, J.P. Morgan Asset Management

Jim Bianco — Президент, Bianco Research

Ed Mills

The program covers the broadening equity rally beyond mega-cap tech, with guests highlighting opportunities in small caps, international stocks, semiconductors, and sector rotation. Fed rate path is heavily debated ahead of Chair Kevin Warsh's appearance in Portugal, with conflicting views on hikes versus cuts. Trade policy and AI financing risks also draw attention. - Brian Levitt (Invesco) sees a broadening market favoring small caps, financials, and international equities due to improving macro conditions. - Angelo Zino (CFRA) remains bullish on chip and chip equipment providers, citing a structural reset higher in data center spending. - Jill Carey Hall (BofA) prefers mid-caps over small-caps for H2 and is more constructive on the equal-weight S&P 500. - Victoria Fernandez (Crossmark) notes a rotation into health care, financials, and industrials as momentum unwinds. - Andrew Hollenhorst (Citi) expects the Fed to cut rates later this year, predicting payroll weakness and lower inflation. - Jordan Jackson (JPMAM) recommends front-end Treasuries for income, arguing the market is overpricing rate hikes. - Jim Bianco (Bianco Research) contends the Fed needs to hike rates due to sticky global inflation. - USMCA renewal deadline passes without trilateral talks, raising trade uncertainty that could impact AI infrastructure costs.

Идеи

Brian Levitt Глобальный рыночный стратег, Invesco 4:32

Broadening rally favors small caps and financials.

The market rally is broadening beyond mega-cap tech, driven by strong earnings across sectors and improving macro conditions (lower energy prices, fiscal stimulus). Small caps, financials, and cyclicals are doing well and should continue to outperform as the economy remains healthy and the Fed stays on hold.

Brian Levitt Глобальный рыночный стратег, Invesco 22:06

Overseas indices attractive on valuations.

International indices offer attractive valuations and are naturally more exposed to financials and health care. As global economies improve and AI adoption spreads, these overseas markets should benefit, providing diversification and upside.

Angelo Zino Старший аналитик по акциям, CFRA Research 34:47

Chip and chip equipment providers strong.

The first half of 2026 saw a structural reset higher for data center spending. Chip and chip equipment providers will continue to benefit from strong AI-driven demand, with tepid deceleration offset by positive trajectory and ongoing earnings growth.

Jill Carey Hall Bank of America 43:14

Prefer mid-caps over small caps now.

Small and mid-caps will outperform mega-caps, but Bank of America prefers mid-caps over small-caps in the second half. Mid-caps have less refinancing risk, lower leverage, and are up only 14% YTD, while the bank's economists expect three rate hikes that would pressure small-caps more.

Jill Carey Hall Bank of America 47:54

Equal-weight S&P 500 over cap-weight.

Bank of America is more constructive on the equal-weighted S&P 500 versus the cap-weighted index. Deteriorating mega-cap earnings quality and free cash flow, along with liquidity reversals, make the equal-weight index a better bet for upside in the second half.

Jill Carey Hall Bank of America 47:54

Equal-weight S&P 500 over cap-weight.

Victoria Fernandez Представитель, Crossmark Global Investments 55:03

Rotation into health care, financials, industrials.

The unwinding of momentum and beta is driving a rotation into beaten-down sectors showing new uptrends. Health care, financials, and industrials are seeing expanding 20-day highs and money inflows, positioning them for further gains even if the broad market consolidates.

Andrew Hollenhorst Chief Economist, Piper Sandler 113:25

Fed will cut rates, bonds rally.

The labor market remains fragile, and jobless claims are starting to climb from low levels, signaling weaker payrolls ahead. Combined with expected downward revisions to core PCE inflation, the Fed will still cut rates later this year, making bonds attractive.