Bloomberg Surveillance Short Squeeze Fogs Market’s View on Iran Peace Prospects
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Apr 1, 2026 
Ellen Zentner, Morgan Stanley economist, on consumer resilience and recession odds. Kevin Gordon, Charles Schwab macro strategist, brings chart-driven market and positioning analysis. Liz Ann Sonders, chief investment strategist, covers valuation shifts, retail flows and factor rotation. They discuss oil shocks, investor behavior, and how headlines reshape portfolio navigation.
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Don't Make Knee-Jerk Moves During Shocks
- Avoid knee-jerk reallocations during geopolitical shocks and resist acting on short-term headlines.
- Kevin Gordon invokes Jack Bogle: "don't just do something, stand there," as guidance for investors now.
S&P Drop Is Multiple Compression Not Earnings Decline
- Recent S&P multiple compression is driven mainly by valuation declines, not falling earnings.
- Liz Ann Sonders notes earnings estimates have actually risen, so the correction reflects multiple contraction rather than earnings weakness.
Rotation Out Of Tech Can Resume But Likely Slower
- The late-2025 rotation from mega-cap tech to cyclicals and small caps may resume but will be slower due to headline risk.
- Kevin Gordon says retail hasn't materially reallocated back to tech despite big bounce, so broadening can still occur.