The Persistence of the US Equity Rally

14 snips

Jul 11, 2025

John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., and Jurrien Timmer, Director of Global Macro at Fidelity, explore the U.S. equity rally's sustainability. Stoltzfus highlights investor confidence and his bullish S&P target, while Timmer discusses market trends influenced by economic factors and bond yields. They analyze the impact of tariffs on stock performance and the potential hurdles in the economic landscape, offering insights into investment strategies amid shifting dynamics.

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INSIGHT

Copper Demand to Double

Copper demand is set to grow significantly due to electrification and data center needs.
Potential copper demand growth could double from 2% to around 4% globally.

INSIGHT

Tariffs to Boost U.S. Copper Supply

U.S. copper tariff aims to boost domestic prices and revive production capacity.
Higher prices could encourage investment in rebuilding U.S. copper supply chain.

INSIGHT

Markets Balance Optimism and Trade War Risks

Markets efficiently price in economic and tariff scenarios, balancing optimism and risks.
Fiscal policy boosts have recently outweighed trade war fears in market pricing.

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Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyJuly 11th, 2025
Featuring:
1) John Stoltzfus, Chief Investment Strategist at Oppenheimer & Co., joins for an extended discussion on the sustainability of the equity rally and his S&P target as he remains one of Wall Street's leading bulls. Investor appetite for equities remain strong, driven by confidence in the US economy’s resilience and optimism ahead of earnings season, according to the text, with David Chao, a global market strategist at Invesco Asset Management, saying investors are having a “tariff fatigue”.
2) Michael Widmer, Head: Metals Research at Bank of America, joins to talk about President Trump's copper tariffs and how it's reshaping copper and other metals markets. President Trump’s plans to impose import tariffs on copper imports are set to include materials used for power grids, the military and data centers. Plans involve including semi-finished products, according to people familiar with the matter, which would include wires, sheets, tubes and plates.
3) Jurrien Timmer, Director: Global Macro Fidelity Management & Research, joins to discuss the "V-Shaped Rocket Ship." Despite yesterday's record finish for equities, strategists are sounding warnings about the impact of uncertain tariff policy on stocks, saying it could reduce the chances of a September rate cut and increase the chances of an economic slowdown.
4) Ellen Wald, Senior Fellow at the Atlantic Council, talks about Saudi Arabia raising oil prices more than expected and global oil demand. Saudi Arabia has raised prices for its main crude grade for Asian buyers in August by $1 to $2.20 a barrel more than the regional benchmark, exceeding expectations. The price increase comes as OPEC+ agrees to raise production by 548,000 barrels a day in August, which may contribute to a crude surplus later this year. Despite strong summer demand, traders expect the market to soften later this year as consumption wanes and OPEC+ increases contribute to a surplus of crude in storage.
5) Cam Dawson, CIO at NewEdge Wealth, talks about why she's dubbing the current equity rally as the "Honey Badger" market. US equities closed at a new all-time high on Thursday as investors parsed tariff headlines and looked ahead to corporate results.

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