Bloomberg Surveillance 5/29/2026

Watch on YouTube ↗  |  May 29, 2026 at 16:14  |  2:24:08  |  Bloomberg Markets
Speakers
Max Kettner — Chief Multi-Asset Strategist, HSBC
Angelo Zino — Senior Equity Analyst, CFRA Research
Alex Altman — Global Head of Equities, Tactical Strategies, Barclays
Stephen Parker — Head of Advisory Solutions, J.P. Morgan Private Bank
Mike Wirth — CEO of Chevron
Jill Carey Hall — Bank of America
Lindsay Rosner — Head of Digital Assets, Grayscale
Dana Telsey — CEO and Chief Research Officer, Telsey Advisory Group

Summary

Bloomberg Surveillance covers market reactions to U.S.-Iran peace talks, Dell's massive AI-driven earnings beat, and the Fed's inflation debate. Guests discuss bullish outlooks on semiconductors, cyclical rotation, small caps, and crude oil, while a strategist advises hedging equity exposure. The energy supply chain remains a key risk as inventories tighten.

  • U.S. and Iran reach preliminary 60-day ceasefire extension deal, though final sign-off pending.
  • Dell shares surge ~35% after raising FY outlook on AI server demand of $60 billion next year.
  • Fed officials signal a higher bar for rate hikes; inflation remains above target but mostly supply-driven.
  • Max Kettner sees the next big trade in cyclicals (regional banks, retail, homebuilders) as Middle East resolution nears.
  • Angelo Zino remains bullish on semiconductors and AI infrastructure capex sustainability into 2027-2028.
  • Alex Altmann recommends hedging S&P 500 exposure via cheap put options given downside risk.
  • Mike Wirth warns of physical oil shortages in June/July and expects prices to move higher if Strait remains blocked.
  • Jill Carey Hall highlights AI efficiency gains as a catalyst for small-cap outperformance, especially in financials and health care.
Trade Ideas
Max Kettner Chief Multi-Asset Strategist, HSBC 10:46
Cyclicals are the next big trade.
As the Middle East situation resolves, rate-sensitive cyclical sectors like regional banks, retail, and homebuilders are likely to participate in the next leg of the rally because positioning is subdued, earnings are broad-based, and the U.S. cyclicality is more insulated from Middle East disruptions than previously thought.
XRT KRE XHB MED
Angelo Zino Senior Equity Analyst, CFRA Research 33:48
Bullish on semiconductors and AI hardware.
We have a positive fundamental outlook on semiconductors and hardware driven by the AI infrastructure buildout. Hyperscaler capex has reset higher and is sustainable into 2027-2028, supporting continued earnings growth and making AI infrastructure a durable theme.
SMH HIGH
Alex Altman Global Head of Equities, Tactical Strategies, Barclays 54:09
Hedge equities with cheap put options.
Given the risk of a 10-12% drawdown in the coming months based on historical patterns and the current low cost of protection, investors should hedge equity exposure with put options. The S&P 500 5-6% down move costs only ~13 bps to protect through July, making it an attractive opportunistic hedge.
SPY put options HIGH
Mike Wirth CEO of Chevron 78:13
Oil prices poised for further upside.
Crude oil inventories are steadily drawing down globally, with product stocks at multi-year lows. June and July will be critical as physical shortages begin to emerge in Asia and potentially elsewhere. Prices are at risk of moving substantially higher if the Strait of Hormuz remains constrained.
WTI HIGH
Stephen Parker Head of Advisory Solutions, J.P. Morgan Private Bank 100:40
S&P 500 to 8200 on earnings growth.
The S&P 500 is supported by strong earnings growth of 20% this year and 10-20% next year, with multiples actually contracting as earnings outpace price gains. Our mid-2027 target is 8200 with a bull case of 9000, and we see no reason to be bearish given the earnings momentum.
SPY HIGH
Jill Carey Hall Bank of America 139:20
Small caps benefit from AI efficiency.
Small caps have upside from AI efficiency gains, especially in labor-intensive sectors like financials, health care, and industrials. The Russell 2000 has lagged earnings expectations, and many pockets remain undervalued, offering potential for further outperformance.
IWM MED
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This Bloomberg Markets video, published May 29, 2026, features Max Kettner, Angelo Zino, Alex Altman, Mike Wirth, Stephen Parker, Jill Carey Hall discussing XRT, KRE, XHB, SMH, SPY put options, WTI, SPY, IWM. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Max Kettner, Angelo Zino, Alex Altman, Mike Wirth, Stephen Parker, Jill Carey Hall  · Tickers: XRT, KRE, XHB, SMH, SPY put options, WTI, SPY, IWM