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Bloomberg Surveillance 6/24/2026

Watch on YouTube ↗  |  June 24, 2026 at 14:52  |  2:24:15  |  Bloomberg Markets
Speakers
Aaron Kennon — Chief Investment Officer, Clear Harbor Asset Management
Dan Ives — Managing Director, Wedbush Securities
Gil Luria — Technology Strategist at D.A. Davidson
Tom Becker — Head of Tactical Asset Allocation, BlackRock
Darrell Cronk — Chief Investment Officer, Wells Fargo
Jay Goldberg — CEO, Seaport Global
Daan Struyven — Head of Oil Research, Goldman Sachs
Libby Cantrill — Head of Public Policy, PIMCO

Summary

Bloomberg Surveillance on June 24, 2026, covered tech sector jitters ahead of Micron earnings, falling oil prices erasing the post-Iran-war rally, and a hawkish turn under Fed Chair Warsh. Guests debated whether the AI buildout is in early innings or overbought, while also discussing strong capital markets, short-dated high-yield credit, and attractive pockets in US financials and Australian bonds.

  • Micron earnings seen as key gut check for the overextended semiconductor rally.
  • AI memory demand remains insatiable, supporting bullish Micron and chip trade calls.
  • Crude oil prices collapse to pre-war levels, easing inflation fears but rates stay elevated.
  • Fed Chair Warsh signals hawkish focus on inflation with limited forward guidance.
  • Corporate debt supply surges, but investors differentiate; short-dated high-yield favored.
  • Financial sector gains expected from steepening yield curve and strong capital markets activity.
  • Small caps underperform as top components outgrow Russell 2000 eligibility.
  • NYC primaries highlight anti-incumbent sentiment and far-left gains.
Ideas
Aaron Kennon Chief Investment Officer, Clear Harbor Asset Management 11:27
Front-end high-yield credit attractive.
The safe play in fixed income has been to own the front end, and short-dated high-yield credit looks very attractive given a reasonably flat curve, tight investment-grade spreads providing cushion, and healthy default rates.
Short-dated high-yield credit MED
Dan Ives Managing Director, Wedbush Securities 32:40
Chip supply shortage sustains semiconductor rally.
Supply-demand imbalance in memory chips is extreme at 12-15:1 demand to supply, with no cracks in the armor per checks in Taiwan and Korea. AI buildout is still in early innings (third inning, one out). The chip trade is what should continue to be owned.
SMH HIGH
Dan Ives Managing Director, Wedbush Securities 37:39
Microsoft deeply oversold, target $550.
Microsoft is the most oversold large-cap name; despite stumbles on Copilot and supply issues, enterprise compute remains strong, and the stock is ultimately a $550 stock.
MSFT HIGH
Tom Becker Head of Tactical Asset Allocation, BlackRock 59:25
Short US bonds, buy Australian bonds.
The US labor market has been surprisingly strong, real yields have risen, and US Treasuries look too expensive relative to the rest of the world. The biggest shorts in their bond portfolios are in US Treasuries, while they bought Australian bonds as a relative value long.
TLT HIGH
Tom Becker Head of Tactical Asset Allocation, BlackRock 59:25
Short US bonds, buy Australian bonds.
The US labor market has been surprisingly strong, real yields have risen, and US Treasuries look too expensive relative to the rest of the world. The biggest shorts in their bond portfolios are in US Treasuries, while they bought Australian bonds as a relative value long.
Australian government bonds HIGH
Jay Goldberg CEO, Seaport Global 93:31
NVDA correction risk on growth slowdown.
The near-term AI hype has driven some stocks ahead of fundamentals; there is risk of a correction as the rate of earnings growth may decline next year, especially for NVIDIA, which faces questions about the sustainability of its growth trajectory.
NVDA MED
Gil Luria Technology Strategist at D.A. Davidson 112:35
Micron cheap on AI memory boom.
Micron should easily exceed consensus estimates due to surging AI memory demand. Memory has become a critical enabler of AI, there are only three suppliers, and Micron's stock trades at just 11x forward earnings, making it cheap.
MU HIGH
Darrell Cronk Chief Investment Officer, Wells Fargo 140:59
Russell 2000 diluted by large stocks.
The top 10 names in the Russell 2000 no longer belong there, and they constitute 47% of small-cap returns. As they graduate to mid/large-cap, the index will continue to dilute, making small caps unattractive.
IWM MED
Darrell Cronk Chief Investment Officer, Wells Fargo 141:36
Steep yield curve boosts US banks.
The yield curve is set to steepen, which benefits financials. Large and regional banks are breaking out, with investment banking and trading activity hitting on all cylinders. Financials are one of the few undervalued sectors.
XLF HIGH
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This Bloomberg Markets video, published June 24, 2026, features Aaron Kennon, Dan Ives, Tom Becker, Jay Goldberg, Gil Luria, Darrell Cronk discussing Short-dated high-yield credit, SMH, MSFT, TLT, Australian government bonds, NVDA, MU, IWM, XLF. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Aaron Kennon, Dan Ives, Tom Becker, Jay Goldberg, Gil Luria, Darrell Cronk  · Tickers: Short-dated high-yield credit, SMH, MSFT, TLT, Australian government bonds, NVDA, MU, IWM, XLF