Buzzberg Cup Live

Bloomberg Surveillance 7/13/2026

Watch on YouTube ↗  |  July 13, 2026 at 15:19  |  2:24:10  |  Bloomberg Markets
Speakers
Geoffrey Yu — Senior Strategist, BNY Mellon
Clayton Siegel — Senior Fellow, CSIS (Energy Security)
Sonal Desai — Editor, Bloomberg Opinion
Stephen Auth — Chief Investment Officer, Auth Capital
Erica Najarian — UBS Financials Analyst
Chris Harvey — CIBC
Ed Bastian — CEO of Delta Air Lines
Sarah Kunst — Cleo Capital Founder
Kristina Campmany — Invesco
Lindsay Piegza — Stifel

Summary

U.S.-Iran tensions spike oil prices, a record SK Hynix drop hits tech, and a packed week of inflation data, Fed Chair Warsch's testimony, and big bank earnings looms. Guests favor U.S. equities, semiconductors, crude, and select banks like BAC and DAL, while betting on higher Treasury yields.

  • U.S. and Iran exchange strikes over the Strait of Hormuz, driving crude sharply higher.
  • SK Hynix plunges 15% in Seoul, dragging chip stocks after its record U.S. listing.
  • Fed Chair Kevin Warsch prepares for his first Humphrey-Hawkins testimony with CPI data due.
  • Earnings season begins with five major banks reporting; high expectations for capital markets.
  • Stephen Auth sees corporate margins expanding and remains bullish on the long equity bull market.
  • Semiconductor manufacturers argued to be less cyclical and poised for revaluation.
  • Christopher Harvey favors communication services, momentum, and capital markets banks.
  • Delta CEO Ed Bastian confident the airline can sustain margins despite elevated fuel costs.
Ideas
Geoffrey Yu Senior Strategist, BNY Mellon 5:31
Rate hike pricing will come down.
The market has priced in near-term Fed rate hikes, but Chair Warsch will likely set a high bar for them. As that hawkish pricing unwinds, the spread between front-end yields and the policy rate should close, meaning rate hike expectations fade.
2-Year U.S. Treasury Note MED
Clayton Siegel Senior Fellow, CSIS (Energy Security) 20:14
Crude prices will rise on Hormuz tensions.
The Strait of Hormuz situation is in a new phase with ship operators pulling back flows, observable transit declines, and lingering headline risk, all of which should push crude prices higher.
WTI HIGH
Sonal Desai Editor, Bloomberg Opinion 41:38
10-year yields should rise to 4.75-5%.
The 10-year Treasury yield is below fair value, which she estimates at 4.75% to 5% given a higher neutral rate and no recession, so yields are likely to move higher.
10-Year U.S. Treasury Bond HIGH
Stephen Auth Chief Investment Officer, Auth Capital 52:42
Bull market reinforced by strong earnings.
U.S. earnings are exploding to the upside with 22% year-over-year growth expected and margins continuing to expand due to technology transformation, reinforcing the structural bull market case.
SPY HIGH
Stephen Auth Chief Investment Officer, Auth Capital 58:44
Chip stocks will re-rate higher.
Chip manufacturers, especially memory names, have shifted from a boom-bust cycle to a disciplined oligopoly with long-term contracts and built-in price increases, warranting a re-rating from cyclical multiples toward market multiples; the current drawdown is a buying opportunity.
SMH HIGH
Erica Najarian UBS Financials Analyst 81:04
Bank of America is undervalued and squeezable.
Bank of America is an inexpensive, under-the-radar bank with stable wealth management earnings; if it meets consensus, the stock could squeeze higher as it's not as crowded as pure capital market names.
BAC MED
Chris Harvey CIBC 105:54
Communication services sector is attractive.
The communication services sector, which houses hyperscalers, looks attractive on valuation, technical, and fundamental metrics and offers exposure to the AI capex cycle.
XLC MED
Chris Harvey CIBC 106:23
Momentum factor will persist.
Without a regime change in the macro environment, momentum strategies will continue to perform; the current pullback is a repricing within the trend, not a reversal.
MTUM MED
Chris Harvey CIBC 106:46
Capital markets banks are still favored.
Capital markets-focused banks are favored as M&A activity and capital markets issuance remain strong, providing an earnings tailwind despite some deposit margin pressure.
GS MS MED
Ed Bastian CEO of Delta Air Lines 135:50
Delta can thrive despite high fuel.
Delta's premium-centric model, pricing power, and capacity discipline allow it to absorb elevated fuel costs and maintain margins, with travel demand holding up well across segments.
DAL MED
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This Bloomberg Markets video, published July 13, 2026, features Geoffrey Yu, Clayton Siegel, Sonal Desai, Stephen Auth, Erica Najarian, Chris Harvey, Ed Bastian discussing 2-Year U.S. Treasury Note, WTI, 10-Year U.S. Treasury Bond, SPY, SMH, BAC, XLC, MTUM, GS, MS, DAL. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Geoffrey Yu, Clayton Siegel, Sonal Desai, Stephen Auth, Erica Najarian, Chris Harvey, Ed Bastian  · Tickers: 2-Year U.S. Treasury Note, WTI, 10-Year U.S. Treasury Bond, SPY, SMH, BAC, XLC, MTUM, GS, MS, DAL