Episode summary
Chipmaker Rout Deepens Plunge From Record | Bloomberg Surveillance
Bloomberg Surveillance
· · 23 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Ross Mayfield, Tiffany Wilding, Simona Mocuta, David Katz
Summary
The guests framed the recent market pullback as a rotation rather than a true selloff. Ross Mayfield said the S&P is still within a percent of its high even as momentum stocks have fallen sharply, and argued that value, financials and industrials could keep outperforming if yields and oil ease. He also warned that crowded positioning in AI and passive portfolios could create technical pressure, even if the broader trend remains constructive.
Tiffany Wilding argued that inflation is cooling enough for the Federal Reserve to stay on hold for now, while still leaving open the possibility of a hike if another strong print arrives. She said headline inflation could fall below 2% next year, noted that gasoline and some food prices are easing, and described the Fed’s current stance as focused on price stability. She also said the balance sheet could shrink again next year if bank liquidity rules are relaxed.
Simona Mocuta said the U.S. dollar is likely in a multi-year depreciation cycle, but emphasized that the shift should be slow. David Katz was constructive on selected stocks despite volatility, highlighting Comcast as cheap with a planned breakup and saying investors should buy undervalued names on weakness rather than trade around earnings.
Key takeaways
- Ross Mayfield said the market is in a healthy rotation, not a correction, even with momentum stocks under pressure.
- Tiffany Wilding said the Fed is likely on hold, but one more hot inflation print could still bring a hike as early as September.
- Simona Mocuta said the U.S. dollar is likely entering a multi-year depreciation cycle, but the move should be gradual.
- David Katz said Comcast is his top idea because the company may split up, the dividend is attractive, and the stock remains cheap.
- David Katz expects sharp stock-specific moves during earnings season and prefers buying undervalued names after results, not before.
Notable quotes
“the S&P is within a percent of the all-time high and the momentum index is down some 25%”
“we have a Fed on hold, but nevertheless, officials, you know, are certainly preparing the markets for for a couple of potential hikes”
“we actually think that the Fed will probably start to reduce its balance sheet again next year”
“the stock is easily worth in the mid30s. You're getting it at 24”
How the episode opens
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Ross Mayfield with us right now. investment strategist it be Ross I love your note where you say okay they're selling this but they're not running from the market describe yeah so the S&P is within a percent of the all-time high and the momentum index is down some 25% so you've had this big rotation out of um the darlings of the first half and there's a lot there to pick up the slack you know equal weights near an all-time high small cap's near an all-time high and it's you know some defensives and and that's to be expected. You know, healthcare, utilities catching a bid, but financials, industrials doing well.
You don't see that if it's a, you know, investors fling the asset class because they're worried u more of a rotation, which, you know, I think is healthy. So, we'll take it.
It's healthy and it's not a correction, is it? I mean, we're just simply on a blended basis. There's a lot of carnage out there, but this we're nowhere near like quote unquote a correction.
No, not even close. I mean, the one thing you you could worry about is, you know, where are the where's the leverage in the system? And if there's enough of a momentum unwind, do leveraged players, you know, have to start selling other things, um, you know, to meet margin calls or whatever it is.
So, so maybe there's some technical pressure down the pipe. Um, but again, the indexes are within a percent or two of an all-time high.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- chipmaker rout
- market plunge
- investment strategy
- macro outlook
- asset management
Companies and tickers mentioned
- STT
- Baird
- PIMCO
- State Street
- Matrix Asset Advisors
Watch the episode
Watch “Chipmaker Rout Deepens Plunge From Record | 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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