Stocks, Bonds Fall After PPI Data as US Oil Tops $100

Watch on YouTube ↗  |  September 10, 2026 at 15:03  |  2:16:32  |  Bloomberg Markets
Speakers
Omar Aguilar — Chief Executive Officer, Schwab Asset Management
Kurt Reiman — UBS Global Wealth Management
Venu Krishna — Head of U.S. Equity Strategy, Barclays
Libby Cantrill — Head of Public Policy, PIMCO
Gene Munster — Managing Partner, Deepwater Asset Management
Liz Young Thomas — Head of Investment Strategy, SoFi
PoOJA Kumra — Senior European Rates Strategist, TD Securities
Annmarie Hordern — Reporter, Bloomberg
Marc Short — Former Chief of Staff to VP Mike Pence
Roberto Lazzeri — Mexican Ambassador to the United States
Rafael Grossi — Director General, IAEA
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Mike Reid — RBC
Lisa Abramowicz — Anchor, Bloomberg Television and Radio

Summary

The program discusses market pressure from rising oil prices, elevated global yields, and shifting central bank rate expectations. Guests outline specific investment implications including long intermediate bonds, long S&P 500, long Apple, and long German two-year bonds, while also flagging risks from 5% Treasury yields, AI data center backlash, and additional rate hikes.

  • Oil spikes with WTI topping $100 as Iran conflict and Saudi production plunge tighten supply.
  • ECB hikes 25 basis points and raises inflation forecasts, lifting global rate-hike expectations.
  • Omar Aguilar says high-quality intermediate bonds are the most attractive in 15 years.
  • Venu Krishna raises the S&P 500 target to 7950 on exceptional, broadening earnings.
  • Gene Munster expects Apple to outperform as the foldable iPhone reaches about 10% of sales.
  • Pooja Kumra is long German two-year bonds, arguing the ECB may be done hiking.
  • Libby Cantrill warns AI and data center local political backlash is a bigger market risk than deficits.
  • Liz Thomas and Mike Reid caution that rate hikes could threaten equities and strained consumers.
Ideas
Omar Aguilar Chief Executive Officer, Schwab Asset Management 4:55
Five percent yields pressure equities
Rate hikes are not the cure for supply-driven inflation from oil and AI; starting a hiking cycle signals multiple hikes and risks ending the bull market, making equities vulnerable.
SPY MED
Omar Aguilar Chief Executive Officer, Schwab Asset Management 6:19
Buy high-quality intermediate bonds now
Starting yields make high-quality intermediate bonds attractive, with entry levels the best in about 15 years despite the tough bond market.
IGIB HIGH
Omar Aguilar Chief Executive Officer, Schwab Asset Management 9:40
AI adoption powers cyclical sector rotation
The rotation into cyclical sectors is different this time because it is driven by AI adoption spreading from hyperscalers into financials, healthcare, and traditional companies.
XLY MED
Kurt Reiman UBS Global Wealth Management 39:06
Long-end Treasury yields keep rising
Long-end Treasury yields are likely to stay elevated because of fiscal deficits, shrinking central bank buying, AI data center infrastructure issuance, and strong nominal GDP growth.
Long-End U.S. Treasuries HIGH
Kurt Reiman UBS Global Wealth Management 45:10
AI buildout favors semiconductor stocks
The AI buildout resembles a late-1990s semiconductor playbook, with AI and data center capital expenditures driving a long-duration semiconductor supply chain and supporting semiconductor stocks.
SMH MED
Libby Cantrill Head of Public Policy, PIMCO 69:35
AI data center backlash threatens buildout
Local political and social backlash against AI data centers is a bigger imminent market risk than deficits, with municipalities revoking permits and moving toward moratoriums, threatening the AI buildout.
AI Data Center Infrastructure MED
Gene Munster Managing Partner, Deepwater Asset Management 89:05
Apple outperforms on foldable iPhone demand
Apple shares should outperform big tech over the next week because the foldable iPhone could reach about 10% of iPhone sales or revenue and positions Apple for personalized AI and agentic applications.
AAPL HIGH
Annmarie Hordern Reporter, Bloomberg 107:04
Saudi supply shock lifts crude oil
Saudi oil production plunged to the lowest since 1990 as the Iran war squeezes its export route, a supply shock that supports higher crude prices.
WTI MED
PoOJA Kumra Senior European Rates Strategist, TD Securities 116:36
Long German two-year bonds
The ECB is likely done hiking or will soon reverse because punitive energy prices will hit consumers; she is long German 2-year bonds expecting front-end yields to fall.
German 2-year government bonds HIGH
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This Bloomberg Markets video, published September 10, 2026, features Omar Aguilar, Kurt Reiman, Libby Cantrill, Gene Munster, Annmarie Hordern, PoOJA Kumra discussing SPY, IGIB, XLY, Long-End U.S. Treasuries, SMH, AI Data Center Infrastructure, AAPL, WTI, German 2-year government bonds. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Omar Aguilar, Kurt Reiman, Libby Cantrill, Gene Munster, Annmarie Hordern, PoOJA Kumra  · Tickers: SPY, IGIB, XLY, Long-End U.S. Treasuries, SMH, AI Data Center Infrastructure, AAPL, WTI, German 2-year government bonds