S&P 500 Rises as Dollar Slides, Market Gains on Earnings | The Close 1/27/2026

Watch on YouTube ↗ | January 27, 2026 at 23:59 | 1:31:32 | Bloomberg Markets

Speakers

Brij Khurana — Portfolio Manager, Wellington Management

Abby Roach — Senior Portfolio Analyst, Allspring Global Investments

Pauline Brown — Former LVMH North America Chair

Steve Sosnick — Chief Strategist, Interactive Brokers

Jay Goldberg — CEO, Seaport Global

Libby Cantrill — Head of Public Policy, PIMCO

Ian McGinley — Former Director of Enforcement, CFTC

Romaine Bostick — Anchor, Bloomberg

John Tozzi — Reporter, Bloomberg News

Carter Johnson — FX and Rates Reporter, Bloomberg News

Alondra Nelson — Former Deputy Assistant to President Biden

Carol Massar — Anchor, Bloomberg

Katie Greifeld — Anchor, Bloomberg

Summary

Bloomberg's The Close covered a record S&P 500 close, another leg lower in the dollar, and a rally in gold ahead of major tech earnings and the Fed decision. Guests debated bond opportunities, international value, Starbucks and LVMH fundamentals, Texas Instruments/Intel earnings, and PIMCO's MBS overweight. Health insurers fell on a flat Medicare Advantage rate proposal, while policy discussions focused on prediction-market regulation, AI governance, and affordability politics.

S&P 500 closed at a record; Nasdaq and Russell 2000 also rose, but market breadth narrowed.
Dollar fell sharply after Trump welcomed a weaker dollar; gold and foreign currencies rallied.
Health insurers dropped after the U.S. proposed flat Medicare Advantage payment rates for 2027.
Bond guests favored long-dated inflation bonds, hedged Australian bonds, and agency MBS.
Equity guests highlighted international value, Starbucks' turnaround, LVMH's diversified luxury portfolio, and Texas Instruments' analog-cycle recovery.
Intel was viewed as a turnaround watch, with government/Nvidia stakes removing existential risk but numbers still weak.
AI policy and prediction-market regulation were discussed, with concerns about government intervention and H-1B restrictions.
After-hours earnings included Texas Instruments gains and Seagate weakness; major tech earnings and Powell were awaited.

Ideas

Brij Khurana Portfolio Manager, Wellington Management 4:17

Buy long-dated inflation bonds.

Brij favors long-dated inflation bonds because the market is pricing a Goldilocks growth/stimulus scenario for the next six months, but beyond that the path is less certain; he says there are two ways to win by buying long-dated inflation bonds.

Brij Khurana Portfolio Manager, Wellington Management 4:36

Weaker dollar setup remains in place.

He sees a weaker-dollar setup: the administration would welcome a weaker dollar, especially versus the yen and Korean won, and recent intervention hints, Fed-chair uncertainty, and Fed balance-sheet operations all reinforce the weaker-dollar/reflation narrative.

Brij Khurana Portfolio Manager, Wellington Management 5:22

Buy gold and equities as inflation hedges.

Because the Fed is replacing Treasury bills with reserves while its balance sheet may need hedging, and the dollar is weakening, Brij says investors should buy inflationary assets such as gold and stocks.

Brij Khurana Portfolio Manager, Wellington Management 6:23

Hedged Australian bonds offer attractive yield.

As a U.S. investor, Brij sees attractive global bond yields from policy-rate divergence; Australian bonds hedged back to dollars yield about 6%, versus U.S. credit around 4.8%, while New Zealand and Australia are pricing hikes and the Fed may cut.

Abby Roach Senior Portfolio Analyst, Allspring Global Investments 17:21

Starbucks turnaround and protein innovation support upside.

Abby is constructive on Starbucks into earnings/investor day because she wants evidence that the Back to Starbucks plan under Brian Niccol is improving U.S. transactions and comps; protein innovation is resonating, and better execution on both third-space experience and convenience/drive-through could support the U.S. business.

Pauline Brown Former LVMH North America Chair 24:21

LVMH diversified portfolio offsets luxury weakness.

Pauline sees LVMH as a diversified luxury portfolio where watches/jewelry and Sephora help offset a weak fashion and wine/spirits backdrop; the key catalyst is whether new designer buzz and social-media/red-carpet attention converts into actual sales rather than remaining expensive marketing.

Pauline Brown Former LVMH North America Chair 27:18

Younger consumers shun cognac and champagne.

She sees a structural bear case for luxury wine/spirits: younger consumers are drinking less, sober-curious habits may persist, and even if they return they may not choose champagne or cognac; tariffs and an aspirational-spending pullback add further pressure.

Steve Sosnick Chief Strategist, Interactive Brokers 38:24

International value, especially Europe, looks attractive.

Steve argues investors should look beyond the handful of U.S. mega-caps because valuation is more favorable elsewhere; international value, especially European companies that churn cash, pay high dividends, and have good market positions, is still attractive even if growth is slower.

Jay Goldberg CEO, Seaport Global 56:19

TI is catching analog cycle upswing.

Jay is positive on Texas Instruments because the analog cycle appears to be turning: the quarter beat slightly, sales are growing faster than inventory for the first time in memory, and its direct-to-customer model/protected design wins make revenue stickier; it also has data-center/AI exposure.

Jay Goldberg CEO, Seaport Global 59:46

Intel turnaround progressing but numbers not yet.

Jay says Intel is past the existential survival question after U.S. government and Nvidia stakes, and it has more demand than capacity, but the numbers have not yet improved; he expects progress through the year, making it a turnaround watch rather than a clean current long.

Libby Cantrill Head of Public Policy, PIMCO 73:22

Find opportunities in non-U.S. FX/rates.

Libby acknowledges clients are incrementally diversifying away from U.S. dollar assets but does not see a broad referendum against the dollar; she still sees plenty of opportunities outside the U.S. in developed markets and high-quality emerging-market FX and rates.

Libby Cantrill Head of Public Policy, PIMCO 77:42

PIMCO strongly overweight agency MBS.

Libby says the White House can unilaterally direct Fannie and Freddie to buy more agency mortgages, and they have balance-sheet capacity to keep leaning in; this has already helped mortgage rates and PIMCO is strongly overweight MBS.

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Bloomberg Markets · Jan 27

This Bloomberg Markets video, published January 27, 2026, features Brij Khurana, Abby Roach, Pauline Brown, Steve Sosnick, Jay Goldberg, Libby Cantrill discussing LTPZ, UUP, GLD, Equities, Australian bonds (USD-hedged), SBUX, LVMH, Luxury spirits (cognac/champagne), EFV, VGK, TXN, INTC, Developed market FX and rates, High-quality emerging-market FX and rates, Agency MBS. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brij Khurana, Abby Roach, Pauline Brown, Steve Sosnick, Jay Goldberg, Libby Cantrill · Tickers: LTPZ, UUP, GLD, Equities, Australian bonds (USD-hedged), SBUX, LVMH, Luxury spirits (cognac/champagne), EFV, VGK, TXN, INTC, Developed market FX and rates, High-quality emerging-market FX and rates, Agency MBS