Evercore ISI's Julian Emanuel predicts market roller coaster ahead

Watch on YouTube ↗  |  August 24, 2026 at 22:08  |  4:37  |  CNBC
Speakers
Julian Emanuel — Evercore ISI

Summary

Julian Emanuel sees the equity market at a potential near-term inflection point, with the VIX near 15 too low and 10-year Treasury yield pressure into September as key macro risks. He remains bullish longer term, arguing the S&P 500 can reach 9000 before this cycle ends on intense FOMO in tech-driven bull markets. He favors negative beta stocks like McDonald's and PepsiCo for diversification and says the AI trade has more legs.

  • Emanuel says the VIX around 15 is definitely low and the market faces a potential inflection point.
  • He sees the 10-year Treasury yield as the most important chart, with September supply pressuring yields.
  • He notes the earnings season catalyst is now over, leaving macro risk.
  • He is confident the S&P 500 reaches 9000 before this cycle ends, though not this year.
  • He recommends negative beta stocks such as McDonald's and PepsiCo for index-like returns and diversification.
  • He believes the AI trade still has more legs.
Ideas
Julian Emanuel Evercore ISI 0:33
Near-term market inflection risk, VIX low.
Julian sees a potential near-term market inflection point: the VIX around 15 is definitely low, the earnings-season catalyst is now behind the market, and equities are left hanging out with macro risk tied to bond yields and upcoming issuance.
VIX SPY MED
Julian Emanuel Evercore ISI 0:46
Ten-year yield must stay in check.
The 10-year Treasury yield is the most important chart right now; bond-market pressure and heavy September issuance from hyperscalers, global sovereigns, and the US mean yields must remain in check or macro risk builds.
10-Year Treasury Yield MED
Julian Emanuel Evercore ISI 3:02
Buy negative beta stocks for diversification.
Negative beta stocks such as McDonald's and PepsiCo are attractive because they correlate inversely to the S&P, can provide index-like returns, and diversify portfolios where everything looks like the AI trade; index hedges have often lost money and been abandoned.
MCD PEP HIGH
Julian Emanuel Evercore ISI 3:46
AI trade has more upside left.
Julian thinks the AI trade still has more legs to go, even as everything in the market increasingly looks like the AI trade and he recommends negative beta names for diversification.
AI trade LOW
Up Next
1:29:36
Markets Slip as Nvidia, Yields & the Debasement Trade Loom | The Close 8/24/2026
Bloomberg Markets · Aug 24
8:47
Canada Sees US Trade War Dragging Past Midterms
Bloomberg Markets · Aug 24
8:41
Treasury Buybacks Are a 'Cloud' Over Markets, Apollo's Slok Says
Bloomberg Markets · Aug 24
3:02
Ontario's Ford Says Standing Up to Trump Won't Be Easy
Bloomberg Markets · Aug 24
3:07:36
[August 25th #BeforeMarketOpen] New York Stock Market Closes Mixed as Semiconductor Stocks Plummet Despite Falling US Treasury Yields / Samsung Electronics Short Selling 1 Trillion KRW Yesterday, Exchange Rate in 1300 KRW Range, When Will Foreigners Return?
815 Money Talk (815머니톡) · Aug 24

This CNBC video, published August 24, 2026, features Julian Emanuel discussing VIX, SPY, 10-Year Treasury Yield, MCD, PEP, AI trade. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Julian Emanuel  · Tickers: VIX, SPY, 10-Year Treasury Yield, MCD, PEP, AI trade