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Bloomberg Surveillance 6/23/2026

Watch on YouTube ↗  |  June 23, 2026 at 16:26  |  2:24:19  |  Bloomberg Markets
Speakers
Julian Emanuel — Evercore ISI
Jayati Bharadwaj — TD Securities Head of FX Strategy
Pierre Ferragu — Analyst, New Street Research
Phil Camporeale — Portfolio Manager, J.P. Morgan Asset Management
Ted Mortonson — Senior Research Analyst, Baird
Neil Dutta — Renaissance Macro (Quoted)
Brent Schutte — Chief Investment Officer, Northwestern Mutual Wealth Management Company
Amos Hochstein — Senior Advisor to the President for Energy and Investment

Summary

Bloomberg Surveillance covers a sharp global tech selloff led by a 10% plunge in South Korea's KOSPI on AI memory demand fears. Strategist Julian Emanuel stays bullish on US equities, targeting S&P 9,000, while others recommend rotating into laggards like financials and small caps. The yen hovers near 40-year lows with Japan seen out of options, and oil slides as Iran sanctions are waived. Micron's upcoming earnings heighten anxiety over overheated AI hardware trades.

  • KOSPI falls 10%, led by SK Hynix and Samsung, sparking global tech selloff
  • Julian Emanuel remains bullish, sees S&P 500 reaching 9,000 and favors small caps
  • Phil Camporeale expects a rotation into financials and small caps as Fed stays on hold
  • TD's Jayati Bharadwaj warns yen weakness to persist; USD/JPY may hit 162
  • Pierre Ferragu calls memory chip stocks overvalued and cautions on Apple
  • Baird's Ted Mortonson sees AI infrastructure, especially Micron, as overbought and at risk
  • Oil prices drop as US allows Iranian crude sales; Strait of Hormuz reopening boosts supply
  • Fed rate hike bets firm, pushing two-year yields to 12-month highs, dollar strengthens
Ideas
Julian Emanuel Evercore ISI 5:47
Bull market intact, S&P to 9,000
The bull market remains intact, with the S&P 500 on track for 9,000 despite the tech selloff. Earnings continue to support the market, and the current negativity around technology is similar to the start of 2026 when being contrarian paid off. The correction is a transition of worries from high oil to supply and monetary policy concerns, but fundamentals underpin the upside.
SPY HIGH
Julian Emanuel Evercore ISI 7:02
Earnings catch-up to refresh Mag 7
Mega-cap tech (Mag 7) will eventually resume leadership. After a period of churn, volatility, and negativity, earnings will catch up with price, refreshing the attitude toward these names. Their participation is mathematically necessary for the S&P 500 to reach its upside target.
MAGS MED
Julian Emanuel Evercore ISI 9:29
Anchored rates, soft oil support small caps
Small caps are benefiting from an anchored long end of the yield curve, a labor market that is adjusting rather than collapsing, and the price of oil. They have been the default short for active managers, and as those positions fade, small caps see record highs. The set-up around the Russell rebalance adds to outperformance potential.
RTY MED
Julian Emanuel Evercore ISI 23:10
Financials benefit from tech rotation
Financials are a front-and-center trade driven by really good earnings, positive loan growth inflection, a resilient consumer, and strong shareholder returns via buybacks and dividends. With the market rotating away from crowded tech, financials offer a clear opportunity.
XLF MED
Jayati Bharadwaj TD Securities Head of FX Strategy 32:24
Japan policy impotent, yen to weaken
Japan is running out of options to support the yen. Verbal jawboning, aggressive intervention, and rate hikes have all failed. The Bank of Japan does not signal a credible hiking path, while the Fed remains hawkish, pushing interest rate differentials further in the dollar's favor. Short of coordinated intervention akin to 2011, the path of least resistance is a weaker yen, with USD/JPY likely to reach 162.
USDJPY MED
Pierre Ferragu Analyst, New Street Research 44:57
Memory chips overvalued, demand risks
Memory chip stocks are very expensive and investors are cautious. A large portion of memory demand still comes from PCs, smartphones, and data centers, which are price-sensitive. Apple's need to raise iPhone prices due to high memory costs could destroy demand. Elevated AI-fueled profits make the stocks look overvalued once those outsized margins normalize.
005930.KS 000660.KS MU MED
Pierre Ferragu Analyst, New Street Research 46:21
Apple overvalued, limited upside
Apple is very richly valued with very limited upside potential. The company faces margin pressure from rising component costs, and the prospect of passing them on to consumers risks demand destruction. This leaves the stock with a neutral-to-cautious outlook.
AAPL MED
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This Bloomberg Markets video, published June 23, 2026, features Julian Emanuel, Jayati Bharadwaj, Pierre Ferragu discussing SPY, MAGS, RTY, XLF, USDJPY, 005930.KS, 000660.KS, MU, AAPL. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Julian Emanuel, Jayati Bharadwaj, Pierre Ferragu  · Tickers: SPY, MAGS, RTY, XLF, USDJPY, 005930.KS, 000660.KS, MU, AAPL