Julian Emanuel Sees FOMO Driving Market Staples ‘Screaming Higher’
Watch on YouTube ↗  |  February 12, 2026 at 15:32 UTC  |  2:14  |  Bloomberg Markets
Speakers
Julian Emanuel — Senior Managing Director, Evercore ISI

Summary

  • The speaker argues that the classic signals of a bull market top (recession signs, aggressive Fed hiking) are currently absent, suggesting the bull run continues despite extended valuations.
  • "FOMO" (Fear Of Missing Out) has shifted away from broad equities and is currently driving price action in Gold, Silver, and Consumer Staples.
  • There is a specific divergence where Staples are "screaming higher" while Financials underperform; historically a recession signal, but the speaker interprets this as "air disruption" (sector rotation) rather than an economic crash.
  • The Fed is expected to remain on hold regarding rate hikes until at least after the midterms.
Trade Ideas
Ticker Direction Speaker Thesis Time
CONSUMER STAPLES /SNACKS /PEP
LONG Julian Emanuel
Evercore ISI 		The speaker notes that "Staples [are] screaming higher" and specifically points to "snack food price cuts in front of the Super Bowl driving stocks markedly higher." Investors are exhibiting FOMO in defensive sectors rather than growth tech. The specific mention of Super Bowl snack pricing suggests a tactical play on volume leaders in the snack category (like PepsiCo) benefiting from this rotation. LONG. Momentum and investor anxiety are funneling capital into these defensive assets. Valuation concerns ("valuations remain extended") could eventually cap the upside if risk-on sentiment returns. —
SILVER /GOLD
LONG Julian Emanuel
Evercore ISI 		"The FOMO over the last two months has been anywhere but stocks. It's been in gold and silver." Market participants are chasing momentum in precious metals as a hedge or alternative to equities. The speaker identifies this as the primary locus of current market exuberance. LONG. Follow the identified momentum/FOMO flow. If the "FOMO" breaks or yields spike unexpectedly, these crowded trades could unwind. 1:18
FINANCIALS
AVOID Julian Emanuel
Evercore ISI 		The speaker observes "Financials underperforming at the same time" that Staples are rallying. This sector is currently the source of funds for the rotation into Staples. While the speaker doesn't predict a crash, the relative strength is clearly negative compared to defensive sectors. AVOID. The sector is lagging in the current "air disruption" trade environment. If the economy re-accelerates or yields rise (benefiting net interest margins), financials could snap back. 1:54