Bloomberg Surveillance 9/1/2026

Watch on YouTube ↗  |  September 01, 2026 at 15:24  |  2:24:15  |  Bloomberg Markets
Speakers
Cameron Dawson — Chief Investment Officer, New Edge Wealth
Jordan Jackson — Global Market Strategist, J.P. Morgan Asset Management
Krishna Memani — Former CIO, OppenheimerFunds
Sara Araghi — Franklin Templeton
Brent Schutte — Chief Investment Officer, Northwestern Mutual Wealth Management Company
Tom Forte — Analyst, Maxim Group
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Jonathan Krinsky — Chief Market Technician, BTIG
Karen Gibson — Former US Central Command Director of Intelligence, Lt. General (Ret.)
Doug Rediker — International Capital Strategies
Krishna Guha — Evercore ISI
Henrietta Treyz — Political Analyst, Veda Partners
Lindsey Piegza — Stifel

Summary

Bloomberg Surveillance covers a global bond selloff with yields at multi-decade highs, oil near $92 on Iran and Strait of Hormuz risk, and a more hawkish Fed debate heading into September data. Guests argue equities can still grind higher on strong earnings but warn that AI and hyperscaler funding is becoming rate-sensitive. Later segments highlight Apple's CEO transition, skepticism over Venezuela's oil deal, and an ominous small-cap technical setup into midterm season.

  • Global bond yields rise to multi-decade highs across the US, UK, Germany, and Japan.
  • Brent crude trades near $92 after reported tanker strikes near the Strait of Hormuz.
  • Fed speakers debate whether Chair Warsh's hawkish Jackson Hole turn leads to a September hike.
  • Cameron Dawson sees buyable equity weakness but flags AI funding risks if financial conditions tighten.
  • Jordan Jackson expects equities to grind higher into year-end on solid earnings.
  • Krishna Memani says 5% on the 10-year Treasury yield is the level that could force an equity correction.
  • Sara Araghi frames Nvidia as backstopping the AI ecosystem through its balance sheet.
  • Jonathan Krinsky warns small caps face a false-breakout setup that has historically led to drawdowns.
Ideas
Cameron Dawson Chief Investment Officer, New Edge Wealth 4:18
Strong earnings offset rising yields
Equities can tolerate rising rates because S&P 500 earnings growth and upward earnings revisions have been powerful enough to offset the roughly 80bp rise in 10-year yields; September weakness and volatility are likely buyable rather than the start of an earnings recession.
SPY HIGH
Cameron Dawson Chief Investment Officer, New Edge Wealth 6:44
Tighter funding threatens AI spending
Rising rates and tighter financial conditions could make AI/hyperscaler spending more challenging because these companies increasingly need equity, credit, and off-balance-sheet financing; weaker spending could create a negative earnings and stock-price feedback loop into 2027.
AI ecosystem MED
Cameron Dawson Chief Investment Officer, New Edge Wealth 9:31
Credit hideout depends on strong profits
Credit has been a hiding place only because corporate profits are strong; spreads are tight but Oracle and NVIDIA CDS are widening, and credit would not be a safe hideout if earnings confidence cracks.
LQD MED
Cameron Dawson Chief Investment Officer, New Edge Wealth 9:54
Software earnings revisions drive repricing
Software earnings revisions are climbing, but software was held back by valuation and reached 2022 lows while positioning was very short; that set up a valuation repricing chase as good news landed.
IGV MED
Jordan Jackson Global Market Strategist, J.P. Morgan Asset Management 58:36
Diversify into Europe, Japan, ex-tech
For diversification he would look to European, Japanese, and ex-tech exposures because the earnings story is broader than index-level tech numbers suggest.
VGK EWJ Ex-tech equities MED
Jordan Jackson Global Market Strategist, J.P. Morgan Asset Management 58:43
Data centers offer AI buildout exposure
He sees opportunities in alternative assets such as data centers, which give explicit exposure to AI buildout demand.
DTCR MED
Krishna Memani Former CIO, OppenheimerFunds 83:36
Ten-year yield heads to five percent
Five percent is the magic number for the 10-year Treasury yield; with global deficits, energy prices, and heavy issuance, the path remains toward higher yields and reduced long-end supply will not meaningfully change that.
10-Year U.S. Treasury Note HIGH
Sara Araghi Franklin Templeton 89:42
Nvidia balance sheet backstops AI
NVIDIA is backstopping the AI ecosystem by using its strong free cash flow, credit rating, and balance sheet to support AI customers and infrastructure, similar to John Malone's cable ecosystem strategy; demand and monetization are still coming through.
NVDA HIGH
Brent Schutte Chief Investment Officer, Northwestern Mutual Wealth Management Company 103:01
Hedge with bonds and commodities
Investors should own longer-dated bonds and commodities to hedge both sides of the macro risk: sticky inflation and a possible economic contraction from rising rates and a weakened consumer.
long-term U.S. Treasuries DBC MED
Brent Schutte Chief Investment Officer, Northwestern Mutual Wealth Management Company 105:50
Avoid concentrated AI rate risk
The AI trade is now more rate-sensitive because it needs large amounts of capital and equity, and concentration in it is a risk; investors should not concentrate there and should expect diversification to work if the narrative changes.
AI trade MED
Tom Forte Analyst, Maxim Group 115:13
Apple transition needs bigger innovation
Apple is in great shape but incoming CEO John Ternus needs to take bigger swings on new hardware; foldable iPhone and smart glasses are easy wins, but for Apple's stock to match Tim Cook's era it needs more meaningful innovation beyond the iPhone.
AAPL MED
Michael McKee International Economics & Policy Correspondent, Bloomberg 123:05
Global bonds repricing regime change
Global bond markets are repricing a regime change: the US has huge deficits, Germany and Europe are borrowing more for defense and infrastructure, Japan's rising yields are adding pressure, and AI corporate debt issuance plus central bank rate risks are pushing global Treasury index yields to multi-decade highs.
Global sovereign bonds MED
Jonathan Krinsky Chief Market Technician, BTIG 138:37
Small-cap false breakout is ominous
Small caps produced a false breakout in August, closing below the prior high after an all-time high; historically when small caps look down four months later they average a 13% drawdown, creating an ominous setup.
IWM HIGH
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This Bloomberg Markets video, published September 01, 2026, features Cameron Dawson, Jordan Jackson, Krishna Memani, Sara Araghi, Brent Schutte, Tom Forte, Michael McKee, Jonathan Krinsky discussing SPY, AI ecosystem, LQD, IGV, VGK, EWJ, Ex-tech equities, DTCR, 10-Year U.S. Treasury Note, NVDA, long-term U.S. Treasuries, DBC, AI trade, AAPL, Global sovereign bonds, IWM. 13 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cameron Dawson, Jordan Jackson, Krishna Memani, Sara Araghi, Brent Schutte, Tom Forte, Michael McKee, Jonathan Krinsky  · Tickers: SPY, AI ecosystem, LQD, IGV, VGK, EWJ, Ex-tech equities, DTCR, 10-Year U.S. Treasury Note, NVDA, long-term U.S. Treasuries, DBC, AI trade, AAPL, Global sovereign bonds, IWM