Name: US Stocks Extend Highs as Traders Await US-Iran Deal | The Close 5/29/2026
Uploaded: 2026-05-29T22:10:08+00:00
Duration: 5385 s

Speakers

Michael Arone — Chief Investment Strategist & Managing Director, State Street

Veronica Willis — Global Investment Strategist, Wells Fargo Investment Institute

George Kurian — CEO, NetApp

Jonathan Levin — Columnist, Bloomberg Opinion

Summary

The episode covers the S&P 500 closing at a record high for the ninth straight weekly gain, driven by tech and AI earnings. Guests discuss sector rotation, emerging markets, AI infrastructure in data centers, NetApp's strong earnings, and caution around the upcoming SpaceX IPO. Geopolitical developments with Iran and the bond market outlook are also analyzed.

S&P 500 extends winning streak to nine weeks, led by technology sector.
Michael Arone recommends overweighting emerging markets amid AI buildout in South Korea.
Veronica Willis advises trimming energy and avoiding consumer sectors, favoring tech.
NetApp CEO George Kurian highlights accelerating enterprise AI adoption driving record earnings.
Riyadh Air CEO Tony Douglas discusses inaugural Boeing 787 deliveries and expansion plans.
SpaceX IPO targets a valuation of at least $1.8 trillion, with caution from analysts.
Oil prices decline on hopes of extended Iran ceasefire, bond yields ease.
Summer box office projected to reach post-COVID highs, with several blockbuster releases.

Trade Ideas

Michael Arone Chief Investment Strategist & Managing Director, State Street 7:40

Overweight emerging markets for AI growth.

Emerging markets are poised for continued outperformance driven by expected Fed rate cuts, declining core inflation, faster growth relative to developed markets, and exposure to the AI buildout through South Korean companies. Investors should lean into EM growth for diversification.

Veronica Willis Global Investment Strategist, Wells Fargo Investment Institute 38:35

Overweight technology sector for AI.

We recommend trimming energy stocks and commodities, taking profits from the Iran-related rally, and rebalancing into the technology sector. Technology is supported by AI tailwinds, strong earnings, and diversification within the sector. Investors should be slightly overweight tech but not excessively.

Veronica Willis Global Investment Strategist, Wells Fargo Investment Institute 38:35

Avoid energy, take profits.

Energy stocks have rallied on geopolitical tensions, and we recommend taking profits and rotating into tech. The sector is overbought and vulnerable to a pullback if the Iran situation stabilizes.

Veronica Willis Global Investment Strategist, Wells Fargo Investment Institute 40:23

Avoid consumer sectors due to inflation.

Consumer-driven sectors (discretionary and staples) are unattractive because persistent inflation will eventually slow consumer spending. Investors should avoid these sectors in favor of tech and other areas.

George Kurian CEO, NetApp 62:12

Long NetApp on AI data demand.

NetApp is a critical data infrastructure provider for AI, experiencing accelerating enterprise AI adoption with large transactions growing rapidly. The company reported strong earnings and guided above consensus for fiscal 2027, driven by AI and public cloud momentum.

This Bloomberg Markets video, published May 29, 2026, features Michael Arone, Veronica Willis, George Kurian discussing EEM, XLK, XLE, XLY, XLP, NTAP. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Michael Arone, Veronica Willis, George Kurian · Tickers: EEM, XLK, XLE, XLY, XLP, NTAP

US Stocks Extend Highs as Traders Await US-Iran Deal | The Close 5/29/2026

Summary

Trade Ideas

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