Bloomberg Surveillance 6/3/2026

Watch on YouTube ↗  |  June 03, 2026 at 16:28  |  2:24:14  |  Bloomberg Markets
Speakers
Alicia Levine — Head of Investment Strategy at BNY Mellon
CJ Muse — Senior Managing Director for Semiconductor Equity Research at Cantor Fitzgerald
Cameron Dawson — Chief Investment Officer, New Edge Wealth
Jonathan Krinsky — Chief Market Technician, BTIG
Dan Ives — Managing Director, Wedbush Securities
David Stubbs — Global Head of Market Strategy, Alpha Core Wealth Advisory

Summary

Bloomberg Surveillance covers the nine-day winning streak in equities driven by strong AI-related earnings. Guests discuss market breadth, inflation risks from oil and tariffs, and the upcoming Federal Reserve meeting. Key investment ideas include a bullish S&P 500 target and a positive view on Broadcom earnings.

  • Equity markets extended a nine-day winning streak on the S&P 500, the longest in about a year.
  • AI-related earnings continued to drive the rally, with Broadcom results awaited after the bell.
  • Geopolitical tensions in the Middle East and fresh tariff proposals from the White House created uncertainty around inflation and Fed policy.
  • SpaceX priced its record-breaking IPO at $135 per share, reserved 30% for retail investors.
  • The Fed chair's potential removal of the dot plot and changes to forward guidance were debated.
  • Consumer spending data from retailers like Macy's and Ulta showed resilience despite higher gasoline prices.
  • Strategists warned of stretched technicals and potential reversion in high-beta momentum stocks.
  • BNY Wealth raised its S&P 500 year-end target to 8,000, citing fundamental earnings strength.
Trade Ideas
CJ Muse Senior Managing Director for Semiconductor Equity Research at Cantor Fitzgerald 116:17
Broadcom top pick, beat and raise expected.
Expects Broadcom to deliver a modest beat and raise, with a focus on upside for calendar 2027 AI revenues (raising from >$100B to $110-120B). Reiterates Overweight rating and top pick. Compute and wafers are constrained, driving future growth. Key relationships with Google and Meta (underappreciated) provide material upside.
AVGO HIGH
Alicia Levine Head of Investment Strategy at BNY Mellon 130:37
S&P 500 target 8,000, upside risk.
Raised year-end S&P 500 target to 8,000. Sees upside risk driven by strong earnings from AI capex beneficiaries (45 companies growing 70% on average) and healthy 15% growth in the rest of the market. Believes the market is looking through temporary inflation and geopolitical issues like the Strait of Hormuz blockade. The risk of a blow-off in tech is a market structure risk, not fundamental.
SPY MED
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This Bloomberg Markets video, published June 03, 2026, features CJ Muse, Alicia Levine discussing AVGO, SPY. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: CJ Muse, Alicia Levine  · Tickers: AVGO, SPY