Stocks fell on Monday after President Donald Trump announced he was reinstating what he called “a blockade on Iranian shipping” through the Strait of Hormuz. Brian Sullivan and Kelly Evans react to the monthly statement from the U.S. Treasury with Seaport Research Partners’ Jonathan Golub and are later joined by Rapidan Energy Group’s Bob McNally to give his take on the global energy markets. Later on, four-star tech fund manager, Denny Fish, joins the show to lay out his tech investing strategy as SK Hynix and the rest of the semiconductor space sell-off amid the broader market rotation out of mega-cap tech stocks. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Monthly Treasury Statement, Latest Iran Headlines, and the State of Semiconductors 7/13/26

Power Lunch

Inflation, Iran, and artificial intelligence all driving a big week for your bucks. Welcome to Power Lunch with Kelly Evans. I'm Brian. Stock's down a touch right now as some wind comes out of the AI sales. We'll hit more on the AI and data center story with the CEO of Vertiv. By the way, that stock up over 1,000% in just three years. Plus, oil guru Bob McNally responding to the president's latest idea to charge ships to pass safely through the Strait of Hormuz.

I cannot wait to get your thoughts on that one. Plus, tech has been the market's engine, but not every tech fund is keeping pace. Kenny Fish of Janus Henderson is a four-star portfolio manager who is outperforming the NASDAQ 100 and the S&P tech sector in a market where AI enthusiasm and earnings power are all being tested. But we start before we talk to him with the broader markets. As Brian mentioned, under a little bit of pressure, NASDAQ in particular down 1.5% as tensions with Iran escalate.

Second quarter earnings season gets into full swing tomorrow with J.P. Morgan and other large banks due to report. Our first guest thinks earnings overall will be better than expected, and that is saying something when you find out just how high the expectations are. Jonathan Golub is chief equity strategist at Seaport Research Partners. It's great to see you, Jonathan. Good to see you. $8,200 price target on the S&P, 9% upside from here. And the expectation for earnings this quarter is up 26% year over year. You still think we outperform?

Monthly Treasury Statement, Latest Iran Headlines, and the State of Semiconductors 7/13/26

Read the full transcript

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

Monthly Treasury Statement, Latest Iran Headlines, and the State of Semiconductors 7/13/26

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.