UBS On-Air: Market Moves

Technology equities are having one of their periodic convulsions—without any obvious economic driver. The South Korean market is at levels last seen in April. This underscores the speed of technology equities’ rise; that speed limits the correction’s economic consequences. Households are still likely to spend—cash stockpiles and the ability to reduce how much income has been saved, more than equity wealth effects, have been sustaining consumer spending.

As we approach the middle of the summer, investors continue to deal with a number of pesky market risks, including the prospect of the Fed hiking rates, a resumption of hostilities between the US and Iran, a new wave of tariffs, and ongoing concerns about AI capex spending. Yet through all of that the S&P 500 has been relatively steady. Jason Draho, Head of Asset Allocation Americas from the UBS Chief Investment Office, joins to assess the current market environment, and shares CIO’s positioning recommendations. Host: Daniel Cassidy

In this episode of UBS On-Air, host Isaac Chota, Product Manager for Donor-Advised Funds at UBS, is joined by Michael Wilson from National Philanthropic Trust. Together, they explore how philanthropy can strengthen family bonds across generations and help families align their wealth with their values. Michael shares personal stories and practical insights on making charitable giving a meaningful part of financial planning, including how Donor-advised funds and strategic asset selection can maximize impact. Whether you’re new or a seasoned philanthropist, discover how giving can deepen relationships, engage the next generation, and create lasting legacies.

July has brought a powerful wave of new open AI models, highlighting how quickly the market is moving beyond reliance on a small group of closed frontier systems.July has brought a powerful wave of new open AI models, highlighting how quickly the market is moving beyond reliance on a small group of closed frontier systems. This episode explores what that shift means across the AI value chain—from infrastructure and foundation models to applications and tooling—and why greater competition among models could drive value both upstream in the enabling layer and downstream in applications. This episode explores what that shift means across the AI value chain—from infrastructure and foundation models to applications and tooling—and why greater competition among models could drive value both upstream in the enabling layer and downstream in applications.

The policy pattern of the trade war is echoed in the policy pattern of the ongoing Gulf war. In 2025, US threats over tariffs provoked market reactions, leading to a policy retreat in the face of those reactions. Escalating Gulf violence pushed oil prices over USD100/barrel, leading to a policy shift by the US. The risk with this process is that as investors anticipate a policy retreat, the market reaction becomes more muted over time and applies less pressure for policy change.