Massive Day for Earnings as Fed Decision Looms | The Close 7/28/2026

Watch on YouTube ↗  |  July 28, 2026 at 23:26  |  1:34:16  |  Bloomberg Markets
Speakers
Aswath Damodaran — Professor of Finance, NYU Stern
Michael Nierenberg — Chairman & CEO, Rithm Capital
Carol Tomé — CEO, UPS
Stephen Biggar — Senior Vice President, Moody's
Kristina Hooper — Chief Global Market Strategist, Invesco
Jon Hirtle — Founder & Executive Chairman, Hirtle & Co.
Erin Keating — Executive Analyst, Cox Automotive
Pano Anthos — Founder & Managing Partner, XRC Ventures

Summary

Bloomberg's 'The Close' covers a tech-led selloff as the Nasdaq 100 flirts with correction and chip stocks sink into bear-market territory ahead of hyperscaler earnings and the Fed decision. Guests debate AI capex sustainability, with Apple seen as a potential winner, while strategists urge caution on semiconductors and advocate long-duration bonds. Strong earnings beats from UPS, Visa, and Ford are also highlighted.

  • Hyperscaler AI spending faces market skepticism, weighing on tech and semiconductor stocks.
  • Aswath Damodaran says Apple may emerge as the winner while peers could lose 10-20% market cap from overinvestment.
  • Rithm Capital CEO Michael Nierenberg sees significant revaluation potential from asset management growth.
  • UPS CEO Carol Tomé guides robust margin expansion and strong cash flow, driven by automation and healthcare logistics.
  • Argus Research's Stephen Biggar highlights Visa's durable growth from the cash-to-digital payments transition.
  • Man Group's Kristina Hooper expects a re-rating in hyperscalers and semiconductors as rate-hike fears resurface.
  • Jon Hirtle recommends moving away from expensive stocks and buying long-duration bonds for attractive real yields.
  • Earnings season heats up with beats from Ford, Visa, and cautious outlooks for AI-exposed sectors.
Ideas
Aswath Damodaran Professor of Finance, NYU Stern 3:23
Apple wins as hyperscalers overinvest.
Apple is sitting on the sidelines of the AI capex race, waiting to see what happens, which makes it likely to be the big winner as other hyperscalers that may have jumped in too soon with too much money could lose 10-20% of market cap.
AAPL HIGH
Michael Nierenberg Chairman & CEO, Rithm Capital 7:50
Rithm Capital revaluation potential ahead.
Rithm Capital is focused on performance first, building its asset management business with $61 billion in third-party assets and room to grow. Potential separation of the mortgage company public and revaluation as an asset manager should create real shareholder value.
RITM MED
Carol Tomé CEO, UPS 24:04
UPS margin expansion and growth runway.
UPS has completed its strategic network reconfiguration, returned to profit and revenue growth, and guided for continued margin expansion driven by automation (28% lower cost per piece) and booming healthcare logistics. Strong cash flow generation ahead supports the dividend, with 2027 looking even better.
UPS HIGH
Kristina Hooper Chief Global Market Strategist, Invesco 44:13
Avoid Nasdaq 100 and semiconductors re-rating.
Hyperscalers and semiconductors face a re-rating as investors have turned 180 degrees away from rewarding unlimited AI capex. Any further rate hikes would put significant downward pressure on these long-duration tech assets, while credit spreads for hyperscalers are also starting to widen.
QQQ SMH MED
Stephen Biggar Senior Vice President, Moody's 67:32
Visa long runway for digital payments.
Visa delivered a solid earnings report with accelerating payment volumes, high margins, and a long runway for growth from the ongoing global shift from cash/check to digital payments. The headcount reduction signals efficiency gains, supporting mid-teens EPS growth.
V HIGH
Jon Hirtle Founder & Executive Chairman, Hirtle & Co. 77:49
Buy long-duration bonds for real yield.
Stocks are expensive at 20 times earnings while bonds are cheap on a real-yield basis. The setup favors long-duration bonds, as either stocks must fall or bond yields must drop, and locking in today's attractive real cash yields is a prudent marginal move away from the most expensive equities.
TLT MED
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This Bloomberg Markets video, published July 28, 2026, features Aswath Damodaran, Michael Nierenberg, Carol Tomé, Kristina Hooper, Stephen Biggar, Jon Hirtle discussing AAPL, RITM, UPS, QQQ, SMH, V, TLT. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Aswath Damodaran, Michael Nierenberg, Carol Tomé, Kristina Hooper, Stephen Biggar, Jon Hirtle  · Tickers: AAPL, RITM, UPS, QQQ, SMH, V, TLT