Stocks Slide as Tech Slips, Banks Report Strong Lending | The Close 1/14/2026

Watch on YouTube ↗ | January 15, 2026 at 00:22 | 1:33:44 | Bloomberg Markets

Speakers

Mike Santomassimo — Chief Financial Officer, Wells Fargo

Tony Rodriguez — Head of Fixed Income Strategy, Nuveen

Jason Goldberg — Senior Analyst, Barclays

Mo Haghbin — Head of Strategy, ProShares

Jamie Magyera — Head of Retirement Advisor Solutions, BlackRock

Kristen Olsen — Global Head of Alternatives, Goldman Sachs

Zack Kass — Head of Content, CoinDesk

Holly Wade — Executive Director, NFIB Research Center

Stephen Ross — CEO and Chair, Related Ross; Founder, Related Companies; Owner, Miami Dolphins

David — Co-Host, Bloomberg

Romaine Bostick — Anchor, Bloomberg

Summary

Stocks fell for a second day as large-cap technology weakened, while bank earnings showed strong lending but higher expenses and policy concerns. Market leadership rotated toward small caps, cyclicals, energy and defensive areas. Fixed income strategists favored attractive yields, emerging-market debt and a steeper curve, while private-market and AI adoption remained structural themes.

S&P 500 and Nasdaq fell as tech megacaps dragged; Russell 2000 outperformed for a ninth straight session.
Bank earnings from Wells Fargo, Bank of America and Citigroup beat key metrics but stocks fell on expense and credit-card rate-cap concerns.
Wells Fargo CFO highlighted loan growth, stable credit and flexibility after the asset cap was lifted.
Nuveen's Tony Rodriguez favored fixed income, high yield ex-CCC, EM debt and a steeper curve; he saw a stable-to-weaker dollar.
Barclays' Jason Goldberg said M&A pipelines are robust and the 2026 investment-banking outlook is bright.
BlackRock and Goldman Sachs guests highlighted rising private-market allocations and long-term alternatives demand.
OpenAI-linked advisor Zach Kass argued AI and data-center infrastructure will create long-lasting economic benefits.
Geopolitical risk around Iran and Greenland remained in focus, with oil dropping on Trump's Iran comments.

Ideas

Mike Santomassimo Chief Financial Officer, Wells Fargo 3:36

Wells Fargo growth accelerates post asset cap.

CFO says loan growth is strong across credit cards, auto, commercial and corporate investment banking; consumer credit quality and liquidity remain solid; the removal of the asset cap gives Wells Fargo flexibility to expand investment banking and capital markets, with investment banking up 12% year over year and growth drivers now coming into the picture.

Tony Rodriguez Head of Fixed Income Strategy, Nuveen 12:02

Fixed income offers attractive yields and stability.

Head of fixed income strategy is positive on fixed income: yields are attractive, risk premiums are tight but corporate fundamentals, earnings, cash flow and expected defaults are supportive; he expects yield stability and a small decline at the front end.

Tony Rodriguez Head of Fixed Income Strategy, Nuveen 14:54

Fed dovish tilt favors steeper curve.

A more dovish Fed chair transition and likely rate cuts could modestly steepen the Treasury curve, even as the long end stays around current levels; he recommends positioning for a steeper curve.

Tony Rodriguez Head of Fixed Income Strategy, Nuveen 15:23

Buy high yield below investment grade.

Expected economic resilience and solid corporate revenue and cash flow support taking credit risk below investment grade, but he avoids the deepest triple-C segment of the high-yield pool.

Tony Rodriguez Head of Fixed Income Strategy, Nuveen 16:10

Overweight emerging-market debt on weaker dollar.

Nuveen is overweight emerging-market risk because many EM nations have improving structural balances and macro fundamentals, while the dollar is likely stable to weaker, supporting EM outperformance.

Tony Rodriguez Head of Fixed Income Strategy, Nuveen 16:27

Dollar likely stable to weaker.

The dollar is expected to be stable to weaker versus major and emerging-market currencies over the balance of the year, though not a large decline, creating an opportunity for EM assets.

Jason Goldberg Senior Analyst, Barclays 20:25

Investment banking outlook bright for 2026.

Fourth-quarter underwriting was soft due to the government shutdown, which pushed deals into the first quarter; M&A pipelines are robust and the 2026 outlook is bright, especially for investment banking.

Jason Goldberg Senior Analyst, Barclays 21:06

Wells Fargo gains share post asset cap.

Wells Fargo was constrained by a seven-year asset cap that starved its investment bank; with the cap removed and hires added, it is reasserting itself in M&A and capital markets, reengaging corporate customers and showing market-share pickup.

Jamie Magyera Head of Retirement Advisor Solutions, BlackRock 24:20

Private-market adoption rising among advisors.

BlackRock's advisor survey shows private-market adoption increasing: 56% of advisors use them, 69% are more likely to use them in coming months, and the typical allocation is 7%; they help customize high-net-worth portfolios as diversifiers or income/hedge roles.

Mo Haghbin Head of Strategy, ProShares 41:47

Small-cap cyclical rotation has legs.

Market broadening out of mega-cap AI is the rotation investors awaited; concentration-risk concerns are driving flows into small caps and cyclicals, and with growth slowing but stable, the cyclical side should continue to outperform.

Kristen Olsen Global Head of Alternatives, Goldman Sachs 72:58

Private equity and credit offer long-term outperformance.

Individual wealth is gaining access to alternatives through new structures; private equity has historically outperformed public equities over decades, manager selection matters, and long-duration retirement capital suits private equity and private credit, with geopolitical activity creating lending opportunities.

Zack Kass Head of Content, CoinDesk 85:15

AI and data centers have long runway.

AI is an exponential technology that should make the economy rip; betting on AI broadly or building AI companies should be net value, and the data-center infrastructure being built today will have impressive, long-lasting consequences for the broader economy.

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This Bloomberg Markets video, published January 15, 2026, features Mike Santomassimo, Tony Rodriguez, Jason Goldberg, Jamie Magyera, Mo Haghbin, Kristen Olsen, Zack Kass discussing WFC, TLT, U.S. Treasury curve steepener, High yield corporate credit excluding CCC, EMLC, UUP, Investment Banking, Private markets, IWM, Cyclical equities, PSP, BIZD, AI-SECTOR, DTCR. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Santomassimo, Tony Rodriguez, Jason Goldberg, Jamie Magyera, Mo Haghbin, Kristen Olsen, Zack Kass · Tickers: WFC, TLT, U.S. Treasury curve steepener, High yield corporate credit excluding CCC, EMLC, UUP, Investment Banking, Private markets, IWM, Cyclical equities, PSP, BIZD, AI-SECTOR, DTCR