True 'FOMO' Is Still Ahead of Us, Emanuel Says
Speakers
Julian Emanuel
— Evercore ISI
Summary
Julian Emanuel of Evercore argues the US bull market has more room to run and true FOMO buying is still ahead. He highlights market resilience despite negative headlines, strong liquidity, and a robust economy. The biggest risk, he warns, is an oil price shock above $100 WTI that could derail stocks. He also discusses AI pricing dynamics and the Jevons paradox.
- US equity bull market intact, with FOMO yet to peak.
- Market resilient despite strikes, AI price war, capex concerns.
- Strong liquidity and labor market support equities.
- Key threat: oil spike above $100 WTI could cause economic strain.
- AI token price declines may boost usage (Jevons paradox).
- Geopolitical risk around Iran could push oil higher.
Ideas
True FOMO still ahead for stocks.
The US stock market is in a structural bull market with room to run; true FOMO buying at any cost is still ahead. The market is digesting negative headlines (strikes, AI price wars, capex concerns) with resilience, supported by abundant liquidity, a strong economy, and robust labor market. Higher yields are tolerable as long as the economy moves forward, similar to prior structural bull markets.
Oil above $100 threatens bull market.
A persistent oil price spike above $100 WTI (triple-digit WTI) or $4.50 gasoline would strain the economy and stock market, making it the biggest threat to the bull market. Washington's approach may further send oil higher, so investors should monitor crude as a potential derailment risk.
Up Next
This Bloomberg Markets video, published June 11, 2026, features Julian Emanuel discussing SPY, WTI. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Julian Emanuel · Tickers: SPY, WTI