Stocks Under Pressure as SpaceX Mania Grows | Open Interest 6/10/2026

Watch on YouTube ↗ | June 10, 2026 at 17:40 | 1:29:43 | Bloomberg Markets

Speakers

Mike Wilson — Chief Investment Officer, Morgan Stanley

Lori Calvasina — Head of U.S. Equity Strategy, RBC Capital Markets

Stamatis Tsantanis — CEO, Seanergy Maritime and United Maritime

Scott Painter — CEO, TrueCar

Anurag Rana — Senior Analyst, Bloomberg Intelligence

Summary

The episode covers a tame US core CPI print that briefly steadied equities, while geopolitical fears over Iran persisted. SpaceX's record IPO saw massive oversubscription from sovereign wealth funds. Morgan Stanley's Mike Wilson and RBC's Lori Calvasina both called for a rotation away from overextended mega-cap/semiconductor leadership into cyclicals, value, and defensive sectors. Other segments included bullish dry bulk shipping demand and a former Musk advisor advocating for the SpaceX IPO as an uncapped upside opportunity.

May headline CPI rose 4.2% YoY but core MoM came in light at 0.2%, easing some inflation fears.
SpaceX IPO was multiple times oversubscribed with billions in orders from Middle Eastern sovereign wealth funds.
President Trump threatened Iran over protracted peace talks; US-Iran exchanged strikes near the Strait of Hormuz.
Morgan Stanley's Mike Wilson sees semiconductor exhaustion and calls for a rotation into consumer, industrials, transportation, and regional banks.
RBC's Lori Calvasina expects a near-term pause in mega-cap tech, favoring health care, financials, and materials instead.
Seanergy Maritime CEO Stamatis Tsantanis argues strong dry bulk demand is driven by coal stockpiling, infrastructure, and longer shipping routes.
Scott Painter, early SpaceX investor, claims the IPO cannot be valued on traditional metrics and is a bet on Elon Musk's track record.
Private equity faces redemption and exit challenges, but top-tier assets like Blackstone's Liftoff IPO are still finding strong demand.

Ideas

Mike Wilson Chief Investment Officer, Morgan Stanley 8:33

Semiconductor revision breadth signals roll-over

Semiconductor earnings revision breadth has hit 70%, a level that historically precedes a roll-over. This signals the trade is exhausted and will lead to a pullback in semiconductor stocks.

Mike Wilson Chief Investment Officer, Morgan Stanley 10:00

Earnings growth drives stocks higher

Forward earnings will continue to rise, driven by nominal GDP growth and supportive inflation, while the Fed remains on hold. This underpins a bullish equity call with an S&P 500 target of 8000.

Mike Wilson Chief Investment Officer, Morgan Stanley 11:09

Rotate to consumer, industrials, transports, banks

With semiconductors exhausted, the market will rotate into new leadership areas. Consumer, industrial, transportation, and regional bank stocks have the fundamentals and relative strength to lead the next leg up.

Mike Wilson Chief Investment Officer, Morgan Stanley 24:57

Shift into gold and silver as hedges

Inflation is the biggest risk going forward, driving a tectonic shift from a 60/40 portfolio toward 60/20/20 with a larger allocation to inflation-protecting real assets like gold and silver.

Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 48:27

Mega-cap tech needs a short-term pause

Earnings revisions for the top 10 market-cap names in the S&P 500 have peaked near 90% upward revisions, and valuations are above 30x, creating a setup for a short-term pause in mega-cap tech leadership.

Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 50:56

Health care hedges tech, looks attractive

Health care is acting as a hedge against technology, outperforming when tech underperforms. Valuations are appealing and investors are increasingly intrigued by the sector.

Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 51:25

Financials seeing improving flows and cheap valuations

Financial sector outflows are diminishing and valuations are compelling in areas like insurance, commercial finance, and consumer finance, making the sector a beneficiary of rotation away from mega-cap tech.

Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 51:37

Materials earnings revisions turning up

The materials sector is generating increasing investor interest, with earnings revisions turning around and data-center build-out supporting demand.

Stamatis Tsantanis CEO, Seanergy Maritime and United Maritime 69:06

Dry bulk shipping demand and rates rising

Dry bulk shipping demand is rising due to coal stockpiling in Asia, infrastructure spending, data-center build-out, and longer voyage distances from geopolitical disruptions. Freight rates are increasing, and the company is paying dividends during a fleet renewal.

Scott Painter CEO, TrueCar 78:53

SpaceX IPO is an asymmetric upside bet

SpaceX is a generational, profitable cash-generating company run by Elon Musk, who consistently delivers on audacious ideas. Conventional metrics cannot cap its upside potential, making the IPO a bet on the future.

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This Bloomberg Markets video, published June 10, 2026, features Mike Wilson, Lori Calvasina, Stamatis Tsantanis, Scott Painter discussing SMH, SPY, XLY, JETS, XLI, KRE, GLD, SILVER, Mega-Cap Technology, XLV, XLF, XLB, SHIP, SpaceX IPO. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Wilson, Lori Calvasina, Stamatis Tsantanis, Scott Painter · Tickers: SMH, SPY, XLY, JETS, XLI, KRE, GLD, SILVER, Mega-Cap Technology, XLV, XLF, XLB, SHIP, SpaceX IPO