Markets Slip as Rising Yields Pressure Tech | The Close 8/6/2026

Watch on YouTube ↗ | August 06, 2026 at 22:11 | 1:32:08 | Bloomberg Markets

Speakers

Kara Murphy — Chief Investment Officer, Kestra Investment Management

Emily Roland — Co-Chief Investment Strategist, John Hancock

Tarang Amin — CEO, Elf Beauty

Andrew Bialecki — CEO & Co-Founder, Klaviyo

Wendy Barnes — CEO, GoodRx

Jeff Simmons — President and CEO, Elanco Animal Health

Drew Wilkerson — Chairman and CEO, RXO

Mandeep Singh — Senior Analyst, Bloomberg Intelligence

R.J. Hottovy — Head of Analytical Research, Placer.ai

Matt Brown — Founder, Chairman & CEO, CAIS

Steve Odland — CEO, The Conference Board

Summary

The episode covers a slight down day for U.S. stocks as rising yields and oil pressure tech. Kara Murphy of Kestra discusses the U.S. earnings resilience and a multiyear rotation into non-U.S. equities. Emily Roland highlights a value rotation into industrials and small/mid-caps. Several CEOs present upbeat outlooks: e.l.f. Beauty, Klaviyo, GoodRx, Elanco, and RXO. A food safety outbreak weighs on restaurant stocks, while cybersecurity faces AI threats and China reviews.

S&P 500 ends modestly lower; energy gains on higher crude oil
Kara Murphy: U.S. valuations reasonable, but incremental money rotating to Europe and Japan
Emily Roland: Value stocks, small/mid-caps, and industrials are attractive
e.l.f. Beauty lifts guidance; haircare expansion drives 36% Q1 revenue growth
Klaviyo posts 26% revenue growth; AI agents drive productivity
GoodRx raises guidance as pharma direct partnerships eclipse legacy decline
Elanco raises outlook on pet health innovation and strong demand
RXO sees freight recovery with volume gains and AI efficiency
Food safety scare (Cyclospora) hits Sweetgreen and fast casual traffic
Cybersecurity stocks react to China review and AI agent threats

Ideas

Kara Murphy Chief Investment Officer, Kestra Investment Management 2:28

U.S. earnings robust, valuations reasonable

U.S. earnings growth continues to be robust, driving the S&P 500 forward P/E below 20x, which is close to decade averages. With reasonable valuations and strong profitability, it remains reasonable to be long the U.S. market.

Kara Murphy Chief Investment Officer, Kestra Investment Management 3:53

Rotate into non-U.S. equities

A multiyear trend is unfolding where incremental new investment dollars are being allocated outside the U.S. Positive earnings revisions in Europe and Japan, lower valuations, and the need for geographic diversification amid geopolitical fragmentation support this rotation.

Tarang Amin CEO, Elf Beauty 9:23

Strong growth across all brands

e.l.f. Beauty delivered 36% net sales growth in Q1, raised full-year guidance to 18-20%, driven by all brands, successful expansion into haircare, and a winning formula of prestige-inspired quality at affordable prices.

Andrew Bialecki CEO & Co-Founder, Klaviyo 17:49

AI-powered CRM with durable growth

Klaviyo posted 26% revenue growth, approaching a $1.5 billion run rate, with durable growth from small businesses and larger enterprises. Its AI-powered Composer and Customer Agents drive productivity and ROI, positioning the autonomous CRM for sustained expansion.

Emily Roland Co-Chief Investment Strategist, John Hancock 38:00

Value stocks finally outperforming

The market is witnessing a revenge of value investing, with value outperforming growth. After years of waiting, the rotation is broadening beyond a handful of mega-cap winners, supporting value stocks.

Emily Roland Co-Chief Investment Strategist, John Hancock 38:00

Small and mid-caps joining rally

Small and mid-cap stocks are participating in the rally again, benefitting from the rotation away from concentrated mega-cap leadership. This broadening provides attractive opportunities.

Emily Roland Co-Chief Investment Strategist, John Hancock 38:00

Industrials benefit from capex and reshoring

Industrials are a favored sector, driven by hyperscaler spending, a lower earnings bar that has been exceeded, and benefits from reshoring and manufacturing renaissance. Mid-caps are overweight industrials.

Wendy Barnes CEO, GoodRx 64:38

Guidance raised, pharma partnerships growing

GoodRx beat and raised guidance on both top and bottom lines, driven by growth in pharma direct partnerships and subscriptions. The pivot is eclipsing legacy coupon declines, yielding higher lifetime value, while prescription affordability demand remains strong.

Jeff Simmons President and CEO, Elanco Animal Health 71:51

Innovation drives raised guidance

Elanco raised full-year guidance as all segments grow, driven by innovation in pet health (dermatology, Credelio, new parasiticide products) and strong demand. The pet owner remains willing to spend on health, supporting price and volume growth.

Drew Wilkerson Chairman and CEO, RXO 79:25

Freight recovery lifting volumes and margins

RXO is in the first stage of a freight recovery, with volume up 900 bps and gross profit per load improving 11%, the biggest gain in four years. AI tools increase productivity, and the company sees a clear path to high-end outperformance.

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This Bloomberg Markets video, published August 06, 2026, features Kara Murphy, Tarang Amin, Andrew Bialecki, Emily Roland, Wendy Barnes, Jeff Simmons, Drew Wilkerson discussing SPY, VGK, EWJ, ELF, KVYO, VTV, IWM, XLI, GDRX, ELAN, RXO. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kara Murphy, Tarang Amin, Andrew Bialecki, Emily Roland, Wendy Barnes, Jeff Simmons, Drew Wilkerson · Tickers: SPY, VGK, EWJ, ELF, KVYO, VTV, IWM, XLI, GDRX, ELAN, RXO