Buzzberg Cup Live

Bloomberg Surveillance 7/14/2026

Watch on YouTube ↗  |  July 14, 2026 at 15:18  |  2:24:24  |  Bloomberg Markets
Speakers
Chris Verrone — Head of Macro, Piper Sandler
Gerard Cassidy — Head of US Bank Equity Strategy, RBC Capital Markets
Venu Krishna — Head of U.S. Equity Strategy, Barclays
Chris Marinac — Director of Research, Brean Capital
Bill Dudley — Senior Advisor, Bloomberg Economics
Seth Carpenter — Morgan Stanley Global Chief Economist & Macro Strategy Head
David Kelly — Chief Global Strategist, J.P. Morgan Asset Management
Yahaira Jacquez — Reuters Video Journalist

Summary

The show covers a blockbuster bank earnings morning: JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, and Citigroup all beat estimates with record equity trading revenues, yet stocks barely moved except for Goldman, reflecting sky-high expectations. IBM missed badly, causing a tech selloff amid AI spending shifts. June CPI came in significantly below forecasts, cooling core inflation and reducing the urgency for a July rate hike, as Fed Chair Warsh prepares to testify. Geopolitical tensions escalated with a reinstated US blockade in the Strait of Hormuz and a proposed 20% reimbursement fee, driving oil prices higher. Strategists and analysts discussed being bullish on regional banks, remaining constructive on US equities and technology, and debated Fed policy outlook.

  • Top US banks reported record equity trading revenues, with beats across the board, but many bank stocks traded lower as expectations were extremely high.
  • IBM shares plunged over 20% after a revenue miss, citing customer shift from software to hardware and weaker deal closures, dragging down the software sector.
  • June CPI surprised to the downside with headline -0.4% MoM (first negative since 2020) and core CPI at 2.6% YoY, significantly reducing the chances of a July rate hike.
  • Fed Chair Kevin Warsh's prepared testimony stresses no tolerance for elevated inflation and commits to price stability, but provides no policy guidance.
  • President Trump reinstated a naval blockade on Iranian ships in the Strait of Hormuz and demanded 20% reimbursement for cargo, pushing Brent crude above $87.
  • Strategists expressed bullish views on regional banks (Fifth Third, PNC, Truist) due to regulatory relief, loan growth, and credit resilience.
  • Equity strategists remain constructive on US stocks and technology, citing strong earnings power and visible AI capital spending, viewing pullbacks as buying opportunities.
Ideas
Chris Verrone Head of Macro, Piper Sandler 5:01
Global banks in solid uptrend
Global bank stocks are in good shape with sound technical footing, relative leadership, and benign credit conditions. They have reclaimed the bar of leadership not just domestically but also in Europe and Japan, and financial stocks overall remain in a strong uptrend with credit spreads benign.
KBE EUFN DXJ HIGH
Chris Verrone Head of Macro, Piper Sandler 6:14
Regional banks breaking to multi-year highs
Main Street/regional banks are the sweet spot now. Large investment banks have had a good run and valuations are full, while improved loan growth, a steepening yield curve, and regulatory tailwinds make regional banks more attractive. Year-over-year comps for investment banking will also get tougher.
KRE MED
Venu Krishna Head of U.S. Equity Strategy, Barclays 54:43
Buy US equities on pullbacks
US equities are constructive because the power of earnings is very strong for the next 18 months. Visibility on AI capital spending is high, and the spenders have the earnings and cash flows to sustain a broad ecosystem. Any near-term positioning unwind should be viewed as a buying opportunity.
SPY HIGH
Venu Krishna Head of U.S. Equity Strategy, Barclays 58:49
Technology stocks still have upside
The technology sector remains broadly constructive. Capital spending is funded, benefiting the AI ecosystem, and despite shifts in the narrative and some tests, the earnings stability for the spenders (who are still posting well over 30% growth) supports tech stocks.
XLK MED
Chris Marinac Director of Research, Brean Capital 80:08
Regional banks poised for gains
Regional banks like Fifth Third, PNC, and Truist are poised to benefit from regulatory relief, M&A opportunities, capital relief, and lower credit costs. They are winning back market share from private asset managers, and the runway for earnings remains good with eventual buybacks.
FITB PNC TFC HIGH
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This Bloomberg Markets video, published July 14, 2026, features Chris Verrone, Venu Krishna, Chris Marinac discussing KBE, EUFN, DXJ, KRE, SPY, XLK, FITB, PNC, TFC. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Verrone, Venu Krishna, Chris Marinac  · Tickers: KBE, EUFN, DXJ, KRE, SPY, XLK, FITB, PNC, TFC