Episode summary
Bloomberg Surveillance TV: June 23rd, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 28 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Julian Emanuel, Amos Hochstein, Matthew Witheiler
Summary
Stocks sold off as the tech rout deepened, but one guest stayed constructive on U.S. equities and said the bull case remains intact even with the mega-cap names under pressure. He argued that the market is still working through a wall of worry, that a refreshed attitude toward the hyperscalers will require more volatility, and that strong earnings should eventually support another leg higher, including a path toward 7750 on the S&P 500 and possibly 9K.
The discussion then turned to small caps, which have benefited from an anchored long end of the curve, a labor market that is adjusting, and the rebound in energy prices. The guest said the recent run may fade as the third quarter begins, even though the setup has been favorable this year. He also said heavy government involvement in AI and chips can distort markets, but sees it as broadly positive for U.S. competitiveness.
Later, the focus shifted to Iran, crude, and geopolitics. A guest described the sanctions relief as a major concession that may initially route Iranian barrels mainly to Chinese and Indian buyers, while another guest said the market is largely ignoring geopolitical risk because investors are more focused on AI capex, data centers, and SpaceX. On SpaceX and Anthropic, the conversation centered on whether soaring private-market valuations reflect real returns or just hype around future AI infrastructure.
Key takeaways
- A guest remained bullish on the S&P 500, saying the 9K bull case is still operational even after the tech selloff.
- The guest said the mega-cap AI names cannot be left out of the rally mathematically, and that better earnings should reset sentiment.
- A guest said small-cap outperformance may cool as the third quarter starts, despite help from anchored long rates and firmer oil.
- A guest argued that U.S. government support for AI and chips is distortionary but still positive for national competitiveness.
- A guest said the market is ignoring Iran-related oil risk because investors are more focused on AI capex and SpaceX headlines.
Notable quotes
“We remain steadfastly bullish, led by AI names and themes. Stocks remain on course for 7750 and the 9K bull case is still operational”
“Mathematically you can't. Okay. And and when you look at it, the chip names um you know have done a great deal of the heavy lifting. you will need a refreshed uh uh attitude towards the mag seven”
“The long end is incredibly well anchored around 450. And oh by the way, the labor market is it's adjusting. And all of those are positives uh for small caps”
“we have basically said for 60 days we are removing massive amounts of sanctions off off oil, gas and petrochemicals uh and refined products”
“I have a lot of news that I want to look at on the tech side, how much capex is coming in on AI and data centers and uh blockbuster IPOs and space”
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 Bloombo 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 stock sliding.
As the tech selloff deepens, Julian Emanuel of Evercore remains constructive, writing, "We remain steadfastly bullish, led by AI names and themes. Stocks remain on course for 7750 and the 9K bull case is still operational. Julian joins us now for more.
Julian, good morning.
Good morning. — Sounds somewhat contrarian after the few days we've had. Well, I I first I want to say is given the sports intro, we should start talking about Messi again, which we were doing uh prior to the topic. Make
Some time for that a little bit later, I think.
Fine. Fine. So I liken this to the beginning of the year when you started to have the accumulated worries around uh software and the the initial concerns around debt which obviously the debt pile has gotten much larger which earnings are supporting and you got this intense negativity around technology stocks and we felt like we were contrarians coming into the beginning of 2026 sticking with the call and frankly uh you know we saw the pro uh progression into the most hedged position we had ever seen in 30 years at the lows in March and the market isn't hedged to that degree to be sure but the skepticism is there and frankly when you think about it you're just sort of transitioning this wall of worry away from the malign effects of high oil and into the potential concerns around supply and less transparent monetary policy.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- equity outlook
- quantitative strategy
- global markets
- late stage growth
- macroeconomy
Companies and tickers mentioned
- EVR
- Evercore ISI
- TWG Global
- Wellington Management Company
Watch the episode
Watch “Bloomberg Surveillance TV: June 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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