Bloomberg Surveillance
Bloomberg Surveillance TV: July 30, 2024
Jul 30, 2024
Bob Doll is the President, CEO, and CIO of Crossmark Global Investments; Sen. Bill Hagerty is a former US Ambassador to Japan and current Senator; Tiffany Wilding is an economist at PIMCO, and Steven Ricchiuto is the US Chief Economist at Mizuho Securities. They discuss the impact of Microsoft’s MAX7 earnings on market dynamics. Hagerty shares insights on Trump’s potential second-term policies, while Wilding and Ricchiuto explore the likelihood of a Fed rate cut in September amidst economic uncertainty and trade policy challenges.
27:39
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Quick takeaways
- The podcast highlights the cautious outlook for the tech sector amid high expectations and potential overvaluation concerns in a late-cycle economy.
- Discussions on energy policies suggest that regulatory rollbacks could lower prices and enhance economic growth if Trump secures a second term.
Deep dives
Economic Growth and Market Expectations
The discussion highlights the current market environment, particularly focusing on the growth rotation and its challenges. Small-cap stocks typically thrive in early economic expansions, but caution is advised as the cycle nears its late stages, suggesting potential overvaluation. High investor expectations loom over tech companies as they prepare for upcoming earnings reports, specifically Microsoft, which many believe must exceed lofty targets to maintain stock prices. Investors’ apprehension stems from a recent trend of trimming holdings in tech stocks, reflecting uncertainty about future performance amidst slowdowns.
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