US Strikes Iran Targets; Snowflake Jumps on Results | Bloomberg Brief 5/28/2026

Watch on YouTube ↗  |  May 28, 2026 at 11:42  |  43:30  |  Bloomberg Markets
Speakers
Michael Sneyd — Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets
Matt Bloxham — Head of Research, The Block
Arthur Mensch — Co-founder & CEO, Mistral AI

Summary

US equities futures slip on Middle East tensions and mixed tech earnings; Snowflake surges on AWS deal while Salesforce disappoints; BNP Paribas strategist discusses Fed challenges, suggests protection on S&P and long European stocks.

  • US strikes Iranian targets again, oil rises but market expects eventual normalization.
  • Snowflake shares soar on strong outlook and $6 billion AWS agreement.
  • Salesforce gives tepid outlook, raising concerns about legacy software transition.
  • Michael Sneyd of BNP Paribas says bonds not safe, recommends buying S&P downside protection.
  • Sneyd also sees opportunity in European stocks due to light positioning.
  • PCE data expected to show sticky inflation, complicating Fed policy.
  • Dell wins $9.7B military contract, shares up.
  • Mistral AI CEO discusses expansion into physical AI and data centers.
Trade Ideas
Matt Bloxham Head of Research, The Block 11:03
Snowflake positive on AWS deal.
Snowflake's stronger-than-expected outlook and $6 billion AWS deal signal management confidence in midterm revenue growth, justifying the positive market reaction.
SNOW MED
Michael Sneyd Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets 30:59
Treasuries unsafe due to inflation concerns.
U.S. Treasuries will not provide portfolio safety and could be a source of uncertainty due to lingering inflation and fiscal concerns, so investors should avoid or underweight bonds.
TLT MED
Michael Sneyd Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets 30:59
Buy S&P downside protection.
Investors need to focus on portfolio protection; bonds are not safe, so they should pay a premium to buy downside protection on the S&P 500.
SPY MED
Michael Sneyd Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets 31:49
European stocks due for catch-up.
European stocks are lightly positioned relative to U.S. stocks, earnings expectations are rising, offering scope for a recovery and catch-up trade.
VGK MED
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This Bloomberg Markets video, published May 28, 2026, features Matt Bloxham, Michael Sneyd discussing SNOW, TLT, SPY, VGK. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Matt Bloxham, Michael Sneyd  · Tickers: SNOW, TLT, SPY, VGK