Semis on the upswing after a rough couple of sessions, but should investors trust the bounce in the momentum trade after what BTIG calls the largest/fastest crash in modern history? JPMorgan’s Michael Feroli slides his rate hike timeline from the second half of 2027 to December after Kevin Warsh evades some reporter questions in his second news conference as Fed Chair. Plus, why the war in Iran could last through the midterms.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Regaining Momentum, Fed Up, and the Next Phase of the Iran War 7/30/26

The Exchange

Thank you, Scott. The AI trade is soaring today, even as bond yields continue to rise, although Meta is in the penalty box. I'm Kelly Evans, and welcome to The Exchange. A searing rebound in the semis today. The SMH is up about 6% as SanDisk jumps 23. Is the momentum drawdown over now? We'll discuss that and talk about why. Plus, Microsoft soaring 16% while Meta's selling off along with a raft of software names as the market rotates back into hardware today.

And is frustration growing with new Fed chair Kevin Warsh? Steve Leisman has some reporting on that as bond yields continue to rise, and Ed Yardeni says Warsh failed his first credibility test. But let's begin with these two big movers today. Microsoft's best day since 2008. It's up 16% powering the Dow higher, while Meta is one of the only AI names deeply in the red. It's now set to extend its losing streak, which was a record to 11 straight days as its free cash flow dwindles.

And according to Morgan Stanley, the drawdown in tech that we've just been through has been one of the worst ever. Is it over now with the semis ripping higher today? Thomas Carroll is an equity strategist over at Stiefel. Thomas, great to see you. What do you make of it? Thank you, Kelly. First, thank you for having me on. Yeah, it's amazing. These earnings reports are now macro events.

You know, we wrote about this Monday where we had been coming into this week kind of hearing whispers about how AI spenders were going to kind of talk down their capital expenditure estimates. But in essence, we're seeing the opposite.

Regaining Momentum, Fed Up, and the Next Phase of the Iran War 7/30/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Regaining Momentum, Fed Up, and the Next Phase of the Iran War 7/30/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.