2Q2026: Banquet for Tech, Flat Belly for Bonds (E267)

DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough review the second quarter with stocks (1:44) led by a 43%+ gain in tech, high-grade bonds (6:07) grinding out the carry despite selling in the belly of the yield curve and commodities (9:53) giving back part of their still-healthy YTD gains. The U.S. dollar (12:28), Eric notes, was very resilient on the Federal Reserve’s commitment to defeat inflation. In a tour of the last two weeks’ macro news (13:25), Mark finds a mostly stable labor market based on his readings of the June U-3 unemployment report, the latest JOLTS report and the update to weekly jobless claims data. Looking to the week ahead, the star prints of course will be the June CPI (Tuesday) and PPI (Wednesday) reports. Mark also will be eyeballing the first corporate earnings results for the quarter.