Bloomberg Surveillance 7/21/2026

THIS IS A MARKET WITH A LOT OF VARIANCE. >> THE MARKET IS TRYING TO FIGURE OUT WHO IS WINNING AND WHO IS LOSING. >> I WOULDN'T BE SURPRISED IF WE SEE A PULLBACK IN THE CAPEX.>> DEMANDS ARE IN THE SUPPLY. >> THIS IS "BLOOMBERG SURVEILLANCE," WITH JONATHAN FERRO, LISA ARONOWITZ AND ANNMARIE HORDERN. JONATHAN: LIVE FROM NEW YORK CITY, GOOD, GOOD MORNING.COMING INTO TUESDAY, FACING DOWN HIGHER PRICES, THE U.S. AND IRAN ENGAGING IN STRIKES AS THE WHITE HOUSE GETS READY TO SLAP TARIFFS ON CANADA AND TSMC IS PL ...