US Inflation Picks Up, Eroding Paychecks | The Close 6/10/2026

Watch on YouTube ↗  |  June 10, 2026 at 22:18  |  1:29:48  |  Bloomberg Markets
Speakers
Anushka Gupta — Goldman Sachs Apex Head of Americas
Dana Telsey — CEO and Chief Research Officer, Telsey Advisory Group
Erica Lau — CEO & Lead Portfolio Manager, North Growth Management
Sarah Kunst — Cleo Capital Founder
Norah Mulinda — Market Reporter, Bloomberg
Betsy Duke — Former Federal Reserve Governor
Rishi Jaluria — Managing Director of Software Equity Research, RBC Capital Markets
Romaine Bostick — Anchor, Bloomberg

Summary

US equities sold off sharply as May CPI showed hot 4.2% headline inflation, real wages dropped the most in three years, and President Trump escalated threats against Iran. The S&P 500 fell 1.5% while Oracle delivered record cloud growth after the close but shares slid on high expectations. Guests expressed constructive views on AI infrastructure, health care, and bank stocks, highlighted resilient consumer spending, and flagged upcoming milestones such as the SpaceX IPO and the World Cup kickoff.

  • May CPI rose 4.2% YoY, the hottest in three years, and real average hourly earnings fell the most in over three years.
  • Trump threatened to 'hit Iran hard,' intensifying geopolitical unease and lifting Brent crude 2%.
  • S&P 500 ended down 1.5%, Nasdaq 100 down 2%, with broad-based selling amid tech jitters ahead of Oracle earnings.
  • Goldman Sachs Apex sees constructive earnings cycle, recommends AI infrastructure, health care, bank stocks, and EM over DM.
  • Telsey Advisory expects consumer discretionary to perform well in H2 2026 and is bullish on Ross Stores, Ralph Lauren, and Victoria's Secret.
  • North Growth Management's Erica Lau highlighted Ciena as an optical leader benefiting from AI data center bandwidth demand.
  • Oracle beat estimates with cloud infrastructure revenue up 93% USD, but shares fell after hours as guidance failed to exceed stretched expectations.
  • Cleo Capital's Sarah Kunst avoided Oracle and SpaceX but favored Alphabet as an underappreciated diversified AI play at a lower valuation.
Ideas
Anushka Gupta Goldman Sachs Apex Head of Americas 6:33
AI infrastructure capex supercycle just starting
Invest in the AI infrastructure segment; 50% of S&P 500 EPS growth is tied to AI, over 80% of family offices surveyed are adding AI exposure across public and private markets, and the multi-year capex cycle is just beginning.
AIQ MED
Anushka Gupta Goldman Sachs Apex Head of Americas 6:48
Health care benefits from AI efficiencies
Health care is a direct beneficiary of AI, which is driving down costs and creating increasing efficiency from a data perspective, making the sector attractive.
XLV MED
Anushka Gupta Goldman Sachs Apex Head of Americas 7:03
Bank stocks play capital markets cycle
Bank stocks are a good way to play the capital markets cycle, as clients spend more time on them for diversified exposure.
BANK MED
Anushka Gupta Goldman Sachs Apex Head of Americas 8:31
US equities overweight on earnings growth
US equities deserve an overweight; the US preeminence view is underpinned by constructive earnings growth, with S&P 500 earnings growing 24% this year and 13% next year.
SPY LOW
Anushka Gupta Goldman Sachs Apex Head of Americas 8:43
Long emerging markets short developed international
Favor exposure to emerging markets, funded out of developed international markets, driven by opportunities in semiconductor stocks and attractive EM growth.
EEM MED
Anushka Gupta Goldman Sachs Apex Head of Americas 8:43
Long emerging markets short developed international
Favor exposure to emerging markets, funded out of developed international markets, driven by opportunities in semiconductor stocks and attractive EM growth.
EFA MED
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 18:06
Ralph Lauren brand appeal drives growth
Ralph Lauren is seeing wider appeal among younger and older consumers, driven by sponsoring major sporting events like Wimbledon and the Olympics, improved product quality and stores, and global traffic gains, all supporting strong comps.
RL MED
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 18:34
Ross Stores growth runway is long
Ross Stores has a long runway for growth: 17% sales increase, store expansion particularly on the East Coast, transformation through marketing and store improvements, and benefits from trade down as consumers seek better brands at value prices.
ROST MED
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 20:05
Victoria's Secret innovation drives customer growth
Victoria's Secret is showing low double-digit increases in core categories for the first time in a while, driven by a renewed focus on newness and innovation that attracts newer customers.
VSCO LOW
Dana Telsey CEO and Chief Research Officer, Telsey Advisory Group 21:45
Consumer discretionary to perform well H2
Consumer discretionary is set to perform well in the second half of 2026 because the consumer is still spending despite inflation and geopolitical headwinds, boosted by upcoming sporting events, tax refund benefits, and potential tariff refunds added back.
XLY MED
Erica Lau CEO & Lead Portfolio Manager, North Growth Management 39:47
Ciena optical leader AI bandwidth demand surge
Ciena is a leader in high-speed optical technology and a direct beneficiary of accelerating AI data center bandwidth demand. The stock has pulled back despite strong quarterly results and raised guidance, and the company is positioned to benefit across three AI infrastructure layers—scaling across data centers, scaling out connections, and scaling up within racks.
CIEN HIGH
Sarah Kunst Cleo Capital Founder 63:35
Oracle high expectations not met avoid
Oracle's 'bloom is off the rose'; expectations were unrealistically high and the company faces shifting AI sentiment with competitors like Anthropic gaining ground, while its heavy capex burn on data centers becomes less attractive as the market rewards more targeted, less capital‑intensive AI approaches.
ORCL MED
Sarah Kunst Cleo Capital Founder 65:52
Alphabet underappreciated diversified AI play
Alphabet is an overlooked AI winner that combines capabilities similar to Oracle, OpenAI, Anthropic, SpaceX, and Tesla under one roof, yet trades at a much lower relative valuation, making it an attractive AI play.
GOOGL MED
Sarah Kunst Cleo Capital Founder 66:56
SpaceX not real AI overpromises history
SpaceX is not a genuine AI company; it has not delivered on past AI ambitions despite access to top engineers and technology, and its history shows promises arriving much later and less lucratively than claimed, making the IPO a risky bet as index funds become forced buyers.
SPCX MED
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This Bloomberg Markets video, published June 10, 2026, features Anushka Gupta, Dana Telsey, Erica Lau, Sarah Kunst discussing AIQ, XLV, BANK, SPY, EEM, EFA, RL, ROST, VSCO, XLY, CIEN, ORCL, GOOGL, SPCX. 14 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anushka Gupta, Dana Telsey, Erica Lau, Sarah Kunst  · Tickers: AIQ, XLV, BANK, SPY, EEM, EFA, RL, ROST, VSCO, XLY, CIEN, ORCL, GOOGL, SPCX