Stocks Churn as Oil Advance Boosts Treasury Yields
Спикеры
Aaron Kennon
— Директор по инвестициям, Clear Harbor Asset Management
Aaron Kennon of Clear Harbor Asset Management argues the Fed will likely stay on hold, making front-end Treasuries attractive. He favors high yield bonds over investment grade and Treasuries due to their shorter duration. S&P 500 and Nasdaq returns are driven by earnings, not multiple expansion, keeping valuations stable. He sees software companies regaining margin as AI models become cheaper utilities, with cloud and data center growth remaining strong.
- Market leans toward no Fed rate hike, boosting front-end Treasury yields.
- High yield bonds favored due to shorter duration and outperformance.
- Equity gains driven by earnings, not valuation expansion.
- Single-stock drawdowns high despite low VIX, reflecting active rotation.
- Software stocks may recapture margins as AI models commoditize.
- Cloud and data center spending remains robust.
Идеи
Front-end Treasuries attractive with Fed hold.
The market is leaning toward the Fed not hiking rates, making front-end Treasury yields attractive relative to short-term rates.
High yield bonds outperform with shorter duration.
High yield bonds have outperformed investment grade and Treasuries, benefiting from shorter duration which protects against rising front-end yields; the firm aims to keep duration short.
Equities driven by earnings, not multiple expansion.
The S&P 500 and Nasdaq's year-to-date gains are driven entirely by earnings growth, not multiple expansion, so valuations remain stable; if double-digit earnings growth continues, there is confidence for the market despite high single-stock volatility.
Software sector benefits from cheaper AI models.
As AI models become cheaper and utility-like, software companies can leverage them to capture margin, with cloud and data center growth remaining robust, offering solid returns on invested capital.
Далее
This Bloomberg Markets video, published August 10, 2026, features Aaron Kennon discussing Short-term U.S. Treasuries, HYG, SPY, NASDAQ Composite, IGV. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Aaron Kennon · Tickers: Short-term U.S. Treasuries, HYG, SPY, NASDAQ Composite, IGV