Evercore ISI's Julian Emanuel predicts market roller coaster ahead

• Macro risks are making a comeback, with the 10-year Treasury yield being the most important chart due to renewed issuance pressure.
• Earnings season, which served as a strong market catalyst, is now over, creating a market setup dominated by macro risk.
• Emanuel's S&P 500 bull case of 9000 by year-end/early 2027 is driven by 'FOMO' and structural tech trends, but he advises patience for ultimate buying opportunities.
• He recommends negative beta stocks (e.g., McDonald's, PepsiCo) for diversification and index-like returns, noting that traditional index hedges have been costly.

Julian Emanuel discusses market risks post-Nvidia earnings, highlighting the significance of the 10-year Treasury yield and the conclusion of earnings season as key factors. He maintains a long-term bullish outlook for the S&P 500, driven by FOMO and structural tech trends, while advising patience and recommending negative beta stocks for diversification.