Julian Emanuel Sees FOMO Driving Market Staples ‘Screaming Higher'

• The typical ingredients for a bull market's end (recession, Fed hiking rates, long-end pressure, widespread investor FOMO in stocks) are not evident.
• Current economic data, such as a strong jobs report and 'sedate' US 10-year yields, do not support a recessionary outlook or aggressive Fed tightening.
• While value has outperformed and staples are 'screaming higher' due to FOMO, this FOMO is concentrated in areas like gold/silver, not broad equities, and financials are underperforming, indicating a nuanced market driven by AI disruption rather than a broad market top.

Julian Emanuel, Evercore ISI's Chief Equity & Quantitative Strategist, argues that the hallmarks typically signaling the end of a bull market are not currently present. He points to a strong jobs report, stable US 10-year yields, and a lack of 'true investor FOMO' in stocks, suggesting continued upside ahead for the market driven by an 'AI disruption trade'.