Bloomberg Surveillance · Wednesday, July 22, 2026
Max Kanner of HSBC is advising investors to reduce risk in portfolios as the peak earnings season approaches. He notes that while the semiconductor sector has seen a pullback, the broader S&P 500 has remained flat, indicating a lack of participation from other sectors.
“it may well be time to reduce risk in portfolios after the pea cerning season in two weeks time, Max joins us.”
“But we've got to face it that actually outside of that, the rest of the SP isn't yet participating so much.”
“So I do think we can get pretty broad based earning surprises. Again, I wouldn't be surprised if we get similar magnitude of earning surprises in the broad based sense media and earnings growth compare to what we had in Q one, And then it really depends what the.”