Nasdaq 100 Fluctuates Amid Geopolitical Tensions | The Close 7/8/2026

Summary

The episode covered a volatile session driven by renewed US-Iran tensions sending oil prices sharply higher and initially weighing on equities, before a late rebound in tech. Guests presented structural bullish cases for gold, Lev's multi-year growth story, a positive setup for specialty retail including Macy's turnaround, and confidence that the AI trade still has legs despite overbuilding concerns. The broader macro backdrop included hawkish Fed minutes, rising real yields, and inflation unease.

• Brent crude surged 6-7% on US strikes in Iran, hitting travel and airlines while boosting energy stocks
• State Street gold strategist reiterated a $5,000/oz target by 2027, driven by central bank buying, rising global debt, and physical demand
• Coresight CEO Deborah Weinswig was bullish on Levi's ahead of earnings, citing >50% DTC penetration and consistent fit driving loyalty
• Morgan Stanley's Alex Straton called specialty retail/department stores attractive with Macy's as a top pick due to turnaround potential and last-man-standing dynamics
• AlphaSimplex's Katy Kaminski argued that the AI trade still has legs as the shock is oil-driven, not growth-driven
• Nuveen's Tony Rodriguez noted AI-related debt supply is causing indigestion in credit markets, widening spreads slightly
• Fed June minutes showed active discussion of further rate hikes, keeping inflation fears alive
• MNTN CEO Mark Douglas warned that Meta entering cloud is a risky distraction and that US AI infrastructure is overbuilt