Top Pros' Top Picks 7/8/26

Author

Mike Larson
July 08, 2026

Mike Larson | Editor-in-Chief

Stocks are swooning, while crude oil is surging amid worries the US-Iran ceasefire is unraveling. Treasury yields and the US dollar are rising modestly, while gold and silver are falling. Cryptocurrencies are broadly weaker as well.

The last 48 hours have gone poorly in the Middle East. Iran struck multiple ships in the Strait of Hormuz in an effort to re-assert control over the oil shipping chokepoint. The US responded with airstrikes on Iranian air defense, radar, and command and control sites, prompting Iranian counterattacks on Kuwait and Bahrain.

USO, AAPL, AVGO, NVDA (YTD % Change)

Data by YCharts

At the NATO summit in Turkey, President Trump said “I think it’s over” in regards to the ceasefire, adding that it has been a “waste of time” – spurring a jump in crude oil. But oil prices still remain well below their triple-digit peaks from a couple months ago. US WTI futures were recently trading around $74 a barrel, while Brent futures were changing hands near $78. They topped $112 and $114, respectively, at the height of the conflict.

Meanwhile, Apple Inc. (AAPL) announced a mega-deal with semiconductor supplier Broadcom Inc. (AVGO). The iPhone maker will spend more than $30 billion on various chips from Broadcom, which will expand a manufacturing facility in Colorado as part of the transaction. Apple and other tech companies are trying to curry favor with the Trump Administration by bringing more production back to the US.

Finally, one of the high-flying standard bearers of the AI stock boom is now looking…cheap. Nvidia Corp. (NVDA) has shed more than $1 trillion in market capitalization in just two months, leaving it trading at only 18 times forward earnings estimates. That’s a DISCOUNT to the S&P 500 Index (^SPX) multiple of 20, and the lowest in seven years. Capital has rotated into other AI plays, leaving NVDA behind.

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MARKET OVERVIEW

S&P 500

7,503.85 (-0.45%) ↓

VIX

17.22 (+6.76%) ↑

Dow Jones Industrial Average

52,925.15 (-0.25%) ↓

Gold

$4,083.40 per ounce (-1.78%) ↓

Nasdaq Composite

25,818.69 (-1.16%) ↓

Oil

$73.61 per barrel (+4.5%) ↑

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TOP INVESTING IDEA

Is there such a thing as too MUCH success when it comes to AI? In this MoneyShow MoneyMasters Podcast excerpt, Jim Bianco explains why the biggest risk facing AI may not be that the technology fails — but that it succeeds faster and more powerfully than markets, businesses, and policymakers are prepared for.

From increased productivity and job disruption — to impacts on inflation, interest rates, energy demand, and market concentration — the president and macro strategist at Bianco Research breaks down how AI’s rapid growth could create major opportunities...while also introducing risks investors cannot ignore. 

Less Than 2 Weeks to Las Vegas! Do You Have YOUR Event Pass Yet?

There are less than TWO WEEKS until the 2026 MoneyShow Masters Symposium Las Vegas — and registrations are off-the-charts strong because attendees know how awesome this year’s conference will be!

Starting with our lively Pre-Show Event on Sunday, July 19 and ending with a powerful, four-hour investing course on Wednesday, July 22, our schedule is jam-packed. Don’t be left out! Get the portfolio help you need by securing YOUR PASS here today…

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FEATURED PICKS FROM MONEYSHOW EXPERTS

  • Market Rotation: What to Do When Leadership Shifts
    👉️ TICKERS: SPY, QQQ
    Many stocks fell yesterday, ostensibly on “rotation.” How predictable. But smart investors use the noise as a gift to snap up shares in great companies when they’re “on sale” – while everybody else overthinks things, advises Keith Fitz-Gerald, editor of 5 With Fitz.

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LARSON'S LINKS
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UPCOMING EVENTS