Episode summary
Bloomberg Surveillance TV: July 23rd, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 21 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Jim Caron, French Hill, Sophia Kearney-Lederman
Summary
Stocks were under pressure after a weak start to tech earnings, but a guest argued the move looked more like a valuation reset than a warning sign. He said the first half of the year had produced strong earnings and that the market was now pricing slower growth ahead, while the broader rally in health care, consumer, financials, industrials, and materials was helping keep equities afloat. He also said the demand backdrop for technology, compute, and hyperscalers remains intact even if earnings growth slows.
Key takeaways
- A guest said the drop in tech shares reflects a "readjustment in prices" rather than an alarm bell, as earnings growth normalizes.
- The market’s strength has broadened beyond megacap technology, with health care, financials, industrials, and materials helping offset losses.
- A guest said a Fed hike next week would likely be negative because higher oil prices are a supply shock, not a demand-side overheating problem.
- Sophia Kearney-Lederman said the Fed should hold next week, but sees more likelihood of a hike than a cut later this year.
- Kearney-Lederman said the Fed may be moving toward a more volatile, meeting-by-meeting approach with less forward guidance.
- Congressman French Hill defended the House’s war and defense funding push, saying Congress must keep military and national security needs funded.
Notable quotes
“I think it's a readjustment in prices, honestly”
“the earnings run so far for the first half of this year have been very strong”
“this isn't to me an alarm bell. It's just a natural progression of the of the earning cycle”
“Every meeting is a live meeting depending on what needs to be done”
How the episode opens
Bloomberg Audio Studios podcasts radio news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Pharaoh along with Lisa Abramitz and Amarie Hordern.
Join us each day for insight from the best in markets, economics, and geopolitics. From our global headquarters in New York City, we are live on Bloomberg television weekday mornings from 6:00 to 9:00 a.m. Eastern.
Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always, on the Bloomberg terminal and the Bloomberg Business app. We begin this hour with stocks adding to losses following an underwhelming start to tech earnings.
Jim Karen of Morgan Stanley Investment Management joins us now for more. Jim, welcome. The numbers from Alphabet, the numbers from Tesla.
Do we have a capex problem, a spending issue, or a positioning and price problem in this market?
I think it's a readjustment in prices, honestly. I mean, you know, look, there's been a lot of expectations for many of these companies. The earnings have been decent.
It's just that they're not beating expectations in the way that maybe, you know, people want them to going forward. And and look, the earnings run so far for the first half of this year have been very strong. Of course, the markets are forward-looking.
They're looking into the next 6 months, into the next 12 months. And what they're saying is that the pace of earnings is just not going to be what it was because effectively this run rate of of very uh you know accelerated earnings is is really unsustainable. But that's okay because these companies in this sector um has actually been performing you know not so well this year.
It's actually you know the value sectors the broadening of the market that's done better this year so far.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- market outlook
- economic data
- portfolio management
- investment strategy
- world markets
Companies and tickers mentioned
- Morgan Stanley Investment Management
- FHN Financial
Watch the episode
Watch “Bloomberg Surveillance TV: July 23rd, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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