Stocks, Bonds Drop as Trump Picks Warsh as Fed Chair Nominee | Bloomberg Brief 1/30/2026

Watch on YouTube ↗  |  January 30, 2026 at 12:11  |  43:25  |  Bloomberg Markets
Speakers
Tom Mackenzie — Anchor, Bloomberg
Neil Kaplan — Bloomberg Senior Strategist
Michael Sneyd — Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Chloe Meili — Bloomberg Reporter
James Heron — Bloomberg Reporter
Mika Zellner — Bloomberg Government Reporter

Summary

Bloomberg Brief covers markets reacting to President Trump's expected nomination of Kevin Warsh as Fed chair, with stocks and bonds falling and the dollar rising. The program details a tentative government funding deal to avoid a full shutdown, Apple's record quarter overshadowed by rising memory costs, and SpaceX-Tesla merger speculation. Michael Sneyd of BNP Paribas discusses his cross-asset views, favoring US software over semiconductors, short copper as a tail hedge, and long EUR/USD.

  • Trump is expected to name Kevin Warsh as Fed chair; markets treat the pick as hawkish, pressuring equities and bonds while lifting the dollar.
  • Trump and Senate Democrats reached a tentative deal to fund most agencies, though a short partial government shutdown remains likely.
  • Apple reported a record quarter with strong China revenue and upbeat guidance, but warned of rising memory/chip costs and supply constraints.
  • SanDisk and Deckers gained on earnings, while KLA fell on high expectations and supply constraints.
  • SpaceX is reportedly considering a merger with Tesla and/or xAI, fueling speculation about Musk's asset combination strategy.
  • Michael Sneyd favors long US software versus semiconductors, short copper as a tail-risk hedge, and long EUR/USD.
  • Chevron and Exxon earnings previews focus on weak Q4 oil prices, Iran supply risk, and Venezuela investment signals.
Ideas
Michael McKee International Economics & Policy Correspondent, Bloomberg 5:42
Bank stocks may benefit from Warsh deregulation.
McKee flags bank stocks as worth watching because Kevin Warsh, if confirmed as Fed chair, has argued the Fed should get out of the business of regulating banks. That regulatory-relief angle could be a positive catalyst for bank stocks even though Warsh is seen as hawkish.
BANK MED
Tom Mackenzie Anchor, Bloomberg 13:38
Apple strong sales but margin cost risk.
Apple delivered a record quarter with particularly strong China revenue up 38% and guidance for 13-16% sales growth, but Tim Cook warned of rising memory/chip input costs and unrelated supply-chain constraints. Tom Mackenzie says the cost squeeze could pressure margins and the product mix was mixed (wearables and Macs weaker, services strong), so the setup is a watch on execution and cost mitigation.
AAPL MED
Michael Sneyd Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets 27:14
Long software versus semiconductors on valuation gap.
Sneyd favors long US software versus semiconductors as a contrarian pair. Software has underperformed semiconductors over the past four months as the market doubted software companies' ability to deliver returns while data-center demand stayed strong, but software valuations now price a substantial discount on both short-term technical and medium-term earnings bases, so he wants to fade the recent underperformance.
US Software HIGH
Michael Sneyd Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets 27:14
Long software versus semiconductors on valuation gap.
Sneyd favors long US software versus semiconductors as a contrarian pair. Software has underperformed semiconductors over the past four months as the market doubted software companies' ability to deliver returns while data-center demand stayed strong, but software valuations now price a substantial discount on both short-term technical and medium-term earnings bases, so he wants to fade the recent underperformance.
SMH HIGH
Michael Sneyd Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets 28:11
Short copper as data-center tail hedge.
Sneyd favors a short copper position as a tail-risk hedge rather than a core trade. Copper has been supported by the data-center buildout, so if that AI capex story runs into downside risk, copper looks elevated and vulnerable to lower prices.
COPPER MED
Michael Sneyd Head of Cross-Asset & Macro Quantitative Strategy, BNP Paribas Markets 30:20
Long EUR/USD on systematic dollar selling.
Sneyd likes EUR/USD with a target of 1.22, expecting dollar weakness to continue. He cites technical flows: real-money accounts may alter hedge ratios and systematic accounts are likely to buy after EUR/USD broke out of its range, which can perpetuate the dollar-weakness trend.
EUR/USD HIGH
Neil Kaplan Bloomberg Senior Strategist 37:20
Apple pricing power offsets memory cost fears.
Neil Kaplan argues the post-earnings cost concerns are overdone: the memory issue is more about supply than pricing, Apple's gross margins are still guiding higher, and the company has significant iPhone pricing power to pass on costs. He notes guidance was a blowout and implies the best March-quarter revenue growth since 2021.
AAPL MED
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This Bloomberg Markets video, published January 30, 2026, features Michael McKee, Tom Mackenzie, Michael Sneyd, Neil Kaplan discussing BANK, AAPL, US Software, SMH, COPPER, EUR/USD. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Michael McKee, Tom Mackenzie, Michael Sneyd, Neil Kaplan  · Tickers: BANK, AAPL, US Software, SMH, COPPER, EUR/USD