Buzzberg Cup Live

Bloomberg Surveillance 7/1/2026

Watch on YouTube ↗  |  July 01, 2026 at 14:56  |  2:24:18  |  Bloomberg Markets
Speakers
Brian Levitt — Global Market Strategist, Invesco
Angelo Zino — Senior Equity Analyst, CFRA Research
Jill Carey Hall — Bank of America
Victoria Fernandez — Representative, Crossmark Global Investments
Andrew Hollenhorst — Chief Economist, Piper Sandler
Jordan Jackson — Global Market Strategist, J.P. Morgan Asset Management
Jim Bianco — President, Bianco Research

Summary

The program covers the broadening equity rally beyond mega-cap tech, with guests highlighting opportunities in small caps, international stocks, semiconductors, and sector rotation. Fed rate path is heavily debated ahead of Chair Kevin Warsh's appearance in Portugal, with conflicting views on hikes versus cuts. Trade policy and AI financing risks also draw attention.

  • Brian Levitt (Invesco) sees a broadening market favoring small caps, financials, and international equities due to improving macro conditions.
  • Angelo Zino (CFRA) remains bullish on chip and chip equipment providers, citing a structural reset higher in data center spending.
  • Jill Carey Hall (BofA) prefers mid-caps over small-caps for H2 and is more constructive on the equal-weight S&P 500.
  • Victoria Fernandez (Crossmark) notes a rotation into health care, financials, and industrials as momentum unwinds.
  • Andrew Hollenhorst (Citi) expects the Fed to cut rates later this year, predicting payroll weakness and lower inflation.
  • Jordan Jackson (JPMAM) recommends front-end Treasuries for income, arguing the market is overpricing rate hikes.
  • Jim Bianco (Bianco Research) contends the Fed needs to hike rates due to sticky global inflation.
  • USMCA renewal deadline passes without trilateral talks, raising trade uncertainty that could impact AI infrastructure costs.
Ideas
Brian Levitt Global Market Strategist, Invesco 4:32
Broadening rally favors small caps and financials.
The market rally is broadening beyond mega-cap tech, driven by strong earnings across sectors and improving macro conditions (lower energy prices, fiscal stimulus). Small caps, financials, and cyclicals are doing well and should continue to outperform as the economy remains healthy and the Fed stays on hold.
RTY XLF MED
Brian Levitt Global Market Strategist, Invesco 22:06
Overseas indices attractive on valuations.
International indices offer attractive valuations and are naturally more exposed to financials and health care. As global economies improve and AI adoption spreads, these overseas markets should benefit, providing diversification and upside.
MSCI EAFE Index MED
Angelo Zino Senior Equity Analyst, CFRA Research 34:47
Chip and chip equipment providers strong.
The first half of 2026 saw a structural reset higher for data center spending. Chip and chip equipment providers will continue to benefit from strong AI-driven demand, with tepid deceleration offset by positive trajectory and ongoing earnings growth.
SOX HIGH
Jill Carey Hall Bank of America 43:14
Prefer mid-caps over small caps now.
Small and mid-caps will outperform mega-caps, but Bank of America prefers mid-caps over small-caps in the second half. Mid-caps have less refinancing risk, lower leverage, and are up only 14% YTD, while the bank's economists expect three rate hikes that would pressure small-caps more.
S&P MidCap 400 Index HIGH
Jill Carey Hall Bank of America 47:54
Equal-weight S&P 500 over cap-weight.
Bank of America is more constructive on the equal-weighted S&P 500 versus the cap-weighted index. Deteriorating mega-cap earnings quality and free cash flow, along with liquidity reversals, make the equal-weight index a better bet for upside in the second half.
SPY MED
Jill Carey Hall Bank of America 47:54
Equal-weight S&P 500 over cap-weight.
Bank of America is more constructive on the equal-weighted S&P 500 versus the cap-weighted index. Deteriorating mega-cap earnings quality and free cash flow, along with liquidity reversals, make the equal-weight index a better bet for upside in the second half.
RSP MED
Victoria Fernandez Representative, Crossmark Global Investments 55:03
Rotation into health care, financials, industrials.
The unwinding of momentum and beta is driving a rotation into beaten-down sectors showing new uptrends. Health care, financials, and industrials are seeing expanding 20-day highs and money inflows, positioning them for further gains even if the broad market consolidates.
XLV MED
Andrew Hollenhorst Chief Economist, Piper Sandler 113:25
Fed will cut rates, bonds rally.
The labor market remains fragile, and jobless claims are starting to climb from low levels, signaling weaker payrolls ahead. Combined with expected downward revisions to core PCE inflation, the Fed will still cut rates later this year, making bonds attractive.
2-Year US Treasury Note HIGH
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This Bloomberg Markets video, published July 01, 2026, features Brian Levitt, Angelo Zino, Jill Carey Hall, Victoria Fernandez, Andrew Hollenhorst discussing RTY, XLF, MSCI EAFE Index, SOX, S&P MidCap 400 Index, SPY, RSP, XLV, 2-Year US Treasury Note. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brian Levitt, Angelo Zino, Jill Carey Hall, Victoria Fernandez, Andrew Hollenhorst  · Tickers: RTY, XLF, MSCI EAFE Index, SOX, S&P MidCap 400 Index, SPY, RSP, XLV, 2-Year US Treasury Note