Name: Bloomberg Surveillance 6/4/2026
Uploaded: 2026-06-04T15:28:09+00:00
Duration: 8652 s

Speakers

Angelo Zino — Senior Equity Analyst, CFRA Research

Amos Hochstein — Senior Advisor to the President for Energy and Investment

Andrew DeGasperi — Analyst, BNP Paribas

Tracie McMillion — Chief Investment Officer, Wells Fargo

Chris Veronne — Chopping Block co-host

Summary

The episode covers a market pullback after Broadcom and CrowdStrike earnings disappoint, despite strong AI demand from TSMC. Guests discuss the Fed's inflation concerns, the AI capex boom, oil supply risks from Iran, and labor market dynamics. Wells Fargo sets an S&P 500 target of 7,500, while analysts recommend buying Broadcom and Nvidia on weakness and avoiding CrowdStrike.

Broadcom and CrowdStrike earnings fail to meet lofty expectations, dragging tech lower.
TSMC reiterates that AI chip demand will exceed supply for years, supporting the AI trade.
Fed officials signal potential rate hikes later in 2026 due to persistent inflation.
Apollo's Jim Zelter discusses the unprecedented scale of AI capex and capital market depth.
Amos Hochstein warns of an energy cliff as strategic oil reserves dwindle, with Brent effectively near $120.
Wells Fargo recommends financials as yield curve steepens and sets S&P 500 target at 7,500.
Labor market shows broadening hiring but with lower wage growth and rising part-time work.
CrowdStrike is considered overvalued by BNP Paribas, which advises waiting for revenue proof.

Trade Ideas

Angelo Zino Senior Equity Analyst, CFRA Research 34:28

Buy Broadcom and Nvidia on pullback.

Despite the near-term disappointment in Broadcom's earnings, the demand environment remains strong and valuations are reasonable for both Broadcom and Nvidia. The pullback is a buying opportunity for long-term strategic investors, as these companies are key players in the AI ecosystem and the broader growth trend is intact.

Amos Hochstein Senior Advisor to the President for Energy and Investment 95:11

Brent crude will spike to $120.

The physical oil market is much tighter than futures indicate, with Brent crude effectively trading around $120 due to supply disruptions from the Iran conflict and rapidly depleting global inventories. When the buffer runs out, prices will spike sharply. Investors should position for higher oil prices.

Tracie McMillion Chief Investment Officer, Wells Fargo 101:27

S&P 500 target 7500 on strong economy.

We have a year-end S&P 500 target of 7,500, based on a robust economy, no Fed rate hikes in 2026, and increased M&A activity. The earnings backdrop supports further upside, and we advise investors to stay invested in equities.

Tracie McMillion Chief Investment Officer, Wells Fargo 102:27

Financials attractive as yield curve steepens.

Financials have underperformed due to a flattening yield curve and private credit concerns, but we expect the yield curve to steepen, rate hike expectations to fade, and M&A and IPO activity to boost investment banking revenues. These factors make financials an attractive sector for investors.

Andrew DeGasperi Analyst, BNP Paribas 111:58

CrowdStrike is overvalued; avoid.

CrowdStrike's stock is priced for aggressive AI-driven growth that has not yet materialized in revenue. At 18x sales, valuation is too high relative to current fundamentals. The company needs to deliver actual revenue from AI security products before the stock can justify these levels. We are in a wait-and-see mode and rate the stock neutral with a $400 price target.

This Bloomberg Markets video, published June 04, 2026, features Angelo Zino, Amos Hochstein, Tracie McMillion, Andrew DeGasperi discussing NVDA, AVGO, BNO, SPY, XLF, CRWD. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Angelo Zino, Amos Hochstein, Tracie McMillion, Andrew DeGasperi · Tickers: NVDA, AVGO, BNO, SPY, XLF, CRWD

Bloomberg Surveillance 6/4/2026

Summary

Trade Ideas

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