Episode summary
Bloomberg Surveillance TV: June 9th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 24 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Jack Caffrey, Jennifer Huddleston, Gil Luria
Summary
Jack Caffrey argued that the recent equity pullback looks like a short, sharp pause inside a still-constructive bull case, with earnings doing the heavy lifting. He pointed to 22 plus percent earnings growth this year, a mid-teens gain next year, and continued positive revisions as the main reason to stay bullish, even if positioning and technicals look stretched.
He also said the economy is running hot enough to support profits, with nominal GDP and inflation both elevated, while the Fed is likely to keep “moderating the punch bowl” rather than stopping the rally outright. On energy, he warned that oil prices are “wrong” and could move much higher if physical supply remains constrained, creating an inflation shock that policy cannot easily offset.
Jennifer Huddleston argued that Washington should resist a heavy-handed role in AI, warning that government investment or control could pick winners and losers, encourage cronyism, and politicize product decisions. Gil Luria said the coming wave of AI and tech financings could crowd out the market, forcing investors to sell existing holdings to make room for huge IPOs and secondary offerings from OpenAI, Anthropic, SpaceX, Alphabet, and possibly Meta.
Key takeaways
- Jack Caffrey stays constructive on equities because he sees 22 plus percent earnings growth this year and another mid-teens gain next year.
- Caffrey thinks the current selloff is likely to produce short, sharp pullbacks rather than a lasting turn in the market.
- Caffrey warned oil could rise toward 125 to 150 dollars if supply stays constrained, creating an inflation shock the Fed cannot easily control.
- Jennifer Huddleston said government investment in AI risks cronyism and could distort innovation by picking winners and losers.
- Gil Luria said hundreds of billions of dollars of AI-related capital raises could crowd out the market and pressure big tech stocks as investors free up capital.
Notable quotes
“I am still constructive on this equity market”
“the government picking winners and losers at a time when this industry is incredibly dynamic”
How the episode opens
Bloomberg Audio Studios. Podcasts, radio, news. — This is the Bloomberg Surveillance podcast. I'm Jonathan Ferro, along with Lisa Abramowicz and Amry Houghton. 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 the IPO pipeline heating up and semi staging a comeback. Jack Caffrey of JP Morgan Asset Management calling it a moderation Monday bounce, writing this one was even more likely given the sharpness of the sell-off. Jack joins us now for more. Jack, good morning.
Good morning. — You're still constructive on this equity market, Jack? — I am still constructive on this equity market. — What makes you constructive? — Earnings. This is really, I think, an early earnings-driven story. We came into We go through last year with an a mid-teens earnings gain, several years into an into an economic expansion. Now we're looking at 22 plus percent earnings growth for this year. Um and looking to next year, we think that turns into still another mid-teens sort of earnings gain. So
The biggest pushback we've had so far to earnings is technicals. Technicals just feel very stretched. Friday in the minds of some was inevitable and there'll be further follow-through. — So I think I think that the issue is one of if you ask me what's going to happen next 15 minutes, I have no particular insights. If you ask me what happens over 15 to 24 months, I'm going to come back to the interplay between earnings and expectations.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- economy
- markets
- equity portfolios
- investment management
- technology research
Companies and tickers mentioned
- JPM
- JPMorgan Investment Management
- Cato Institute
- D.A. Davidson
Watch the episode
Watch “Bloomberg Surveillance TV: June 9th, 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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