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Nike Earnings Surpass Expectations as Q2 Comes to a Close | The Close 6/30/2026

Watch on YouTube ↗  |  June 30, 2026 at 22:38  |  1:32:09  |  Bloomberg Markets
Speakers
Steve Laipply — Global Co-head of iShares Fixed Income ETFs, BlackRock
Rishi Jaluria — Managing Director of Software Equity Research, RBC Capital Markets
Tiffany McGhee — CEO & CIO, Pivotal Advisors
Zachary Warring — CFRA Equity Analyst
Romaine Bostick — Anchor, Bloomberg
Norah Mulinda — Market Reporter, Bloomberg

Summary

The episode wraps the second quarter with the S&P 500's best quarter since 2020, driven by AI and tech. Guests discuss fixed income flows, Treasury central clearing, Microsoft's resilience, and broadening market leadership. After the close, Nike reports earnings beating expectations, sparking debate on its turnaround. Geopolitical negotiations with Iran and executive changes also feature.

  • S&P 500 posts its best quarter since 2020, led by a tech and semiconductor rally.
  • Bond ETF flows show strong demand for short-duration funds as long-duration faces fiscal concerns.
  • Treasury market central clearing deadline nears, seen improving market resilience.
  • Microsoft's underperformance viewed as a buying opportunity due to AI integration and Office Copilot gains.
  • Pivotal Advisors highlights broadening leadership into emerging markets, small caps, value, and copper for AI.
  • Nike Q4 earnings beat expectations, with North America positive and China still declining 12%.
  • US-Iran indirect talks focus on the Strait of Hormuz and nuclear deal; dollar dominance reaffirmed.
  • Nike appoints Pfizer veteran as CFO, with AI transformation expected to drive future efficiency.
Ideas
Steve Laipply Global Co-head of iShares Fixed Income ETFs, BlackRock 7:23
Short-dated TIPS are attractive now
Market-implied short-term inflation expectations have plummeted dramatically, creating an attractive entry point for inflation protection. If investors remain concerned about inflation, short-dated TIPS are appealing.
Short-dated TIPS HIGH
Steve Laipply Global Co-head of iShares Fixed Income ETFs, BlackRock 8:47
European credit overlooked, performing well
European investment grade and high-yield credit have performed well compared to their US counterparts, yet this story remains largely overlooked by the market, presenting an opportunity.
European Investment Grade and High-Yield Credit MED
Rishi Jaluria Managing Director of Software Equity Research, RBC Capital Markets 18:28
Buy Microsoft on AI and Office Copilot strength
Microsoft will emerge stronger despite AI disruption fears and capex impatience. AI and software are intertwined, not mutually exclusive. The cost of replacing the entire Office suite is prohibitively high (10x), and Office Copilot is finally delivering meaningful customer engagement with 5 million paid subscribers added last quarter, signaling a turnaround.
MSFT HIGH
Tiffany McGhee CEO & CIO, Pivotal Advisors 37:44
Emerging markets benefit from broadening leadership
Market leadership is broadening beyond mega-cap tech and AI names. Emerging markets are up almost 23% year-to-date, one of the highest performing sub-asset classes, and should be part of a diversified portfolio given the AI opportunity is not confined to the US.
EEM MED
Tiffany McGhee CEO & CIO, Pivotal Advisors 37:58
Small caps rallying as leadership broadens
Small cap stocks have surged over 22% year-to-date, reflecting the broadening of market leadership away from concentrated mega-cap names and into a wider range of equities.
Small Cap Equities MED
Tiffany McGhee CEO & CIO, Pivotal Advisors 38:04
Value outperforming growth this year
Value equities have gained over 16% year-to-date while growth has barely moved, signaling a meaningful shift in market preferences. This divergence supports a tilt toward value in portfolios.
Value Equities MED
Tiffany McGhee CEO & CIO, Pivotal Advisors 40:19
Add high-yield bonds for income diversification
Within fixed income satellite positions, high-yield and opportunistic credit are used to enhance returns and diversify beyond core bonds, especially after markets rebounded from the March turmoil.
HYG LOW
Tiffany McGhee CEO & CIO, Pivotal Advisors 43:03
Copper needed to power AI infrastructure
Copper and other metals are essential to power AI infrastructure. Owning copper fits into a diversified long-term AI trade, supplementing exposure beyond creators and builders of AI.
COPPER MED
Zachary Warring CFRA Equity Analyst 55:56
Nike turnaround gains traction, buy
Nike is poised for a turnaround due to the FIFA World Cup catalyst, which typically boosts revenues by about 8%, and early signs of success in product sellouts and running category momentum. Earnings power is underappreciated, with $2 per share achievable in a decent year and $3 within two to three years, while the risk is already priced in.
NKE HIGH
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This Bloomberg Markets video, published June 30, 2026, features Steve Laipply, Rishi Jaluria, Tiffany McGhee, Zachary Warring discussing Short-dated TIPS, European Investment Grade and High-Yield Credit, MSFT, EEM, Small Cap Equities, Value Equities, HYG, COPPER, NKE. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Steve Laipply, Rishi Jaluria, Tiffany McGhee, Zachary Warring  · Tickers: Short-dated TIPS, European Investment Grade and High-Yield Credit, MSFT, EEM, Small Cap Equities, Value Equities, HYG, COPPER, NKE