Name: Inflation risks to the rally: How to protect your portfolio
Uploaded: 2026-09-18T18:38:19+00:00
Duration: 525 s

Speakers

Amy

Jim

Jason Yanowitz — Co-Founder, Blockworks

Rob

Summary

The panel debated whether rising oil, 5% Treasury yields and renewed Fed tightening risk threaten the equity rally. Jim and Jason argued the rally is broadening into equal-weight, small caps, health care, industrials, financials and energy. Rob said AI capex remains durable, likes the market setup, and is buying bonds as a hedge. Amy warned the market may churn until a catalyst or Fed move breaks the range.

Oil and 10-year yields rose while equities stayed near highs.
Amy sees a churn period until the Fed or another catalyst breaks.
Jim sees healthy rotation into equal-weight, small caps, health care, energy and financials.
Jason expects AI earnings growth to fade and favors broadening into health care, industrials and financials.
Rob is bullish on AI capex and says valuations are more reasonable.
Rob likes equities given rate-hike history and strong capex, and is buying bonds.
Jim says market worries are a wall of worry that the market can climb.

Ideas

Amy 0:31

Market churns until Fed or catalyst breaks.

Amy notes oil is up 30% and the 10-year yield is up 40 basis points while the market is only slightly off its high, showing resilience, but she sees momentum slowing considerably and expects a churn period until a catalyst or Fed decision breaks the market one way or another.

Jim 2:12

Rally broadening beyond momentum into laggards.

Jim argues the rally is broadening as momentum cools, with leadership rotating into equal-weight S&P 500, small caps, health care, energy and financials; he sees this as healthy and supported by strong profit growth, a solid economy and stable labor markets.

Jason Yanowitz Co-Founder, Blockworks 3:17

AI earnings fade; other sectors benefit.

Jason expects the outsized earnings growth from AI and AI infrastructure names to subside even as AI capex remains massive, so he is focused on broadening leadership in other sectors such as health care, industrials and financials, which should see positive downstream effects.

Rob 5:09

Rate-hike history and capex favor equities.

Rob likes the market setup because historical rate-hiking cycles have been followed by positive forward returns, and this cycle is supported by unusually strong capex spending; he views seasonal weakness and chop as buying opportunities.

Rob 5:52

Buy AI businesses at cheaper valuations.

Rob is not worried about AI being derailed; he sees AI-related capex as insatiable and unlikely to stop, and argues investors can buy great AI businesses at much more reasonable valuations after multiples compressed from 34x to 24x, with some at 18x.

Jim 8:32

Worries are wall of worry; market climbs.

Jim argues that current worries about AI, yield curve control and dollar supremacy are just another wall of worry; historically such fears have been overblown, and a constructed wall of worry gives the market something to climb.

This CNBC video, published September 18, 2026, features Amy, Jim, Jason Yanowitz, Rob discussing SPY, SP:SPXEW, IWM, XLV, XLE, XLF, XLI, AI-SECTOR. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Amy, Jim, Jason Yanowitz, Rob · Tickers: SPY, SP:SPXEW, IWM, XLV, XLE, XLF, XLI, AI-SECTOR

Inflation risks to the rally: How to protect your portfolio

Summary

Ideas

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