Bloomberg Surveillance Bloomberg Surveillance TV: September 24th, 2025
8 snips
Sep 24, 2025 
Rick Wurster, President and CEO of Charles Schwab, shares insights on retail investor behavior, emphasizing the mixed emotions of clients amidst high valuations. Barbara Reinhard from Voya Investment Management discusses staying overweight in equities due to strong earnings and AI-driven efficiencies. Peter Tchir explores the national security aspects affecting investments, including U.S.-China tech competition. Nathan Sheets, Chief Global Economist at Citi, offers perspectives on tariffs and a stagflationary environment, forecasting a potential growth slowdown.
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Earnings Drive The Rally, Not Just Hype
- Barbara Reinhard attributes most market rise to corporate earnings, not just multiple expansion.
- She argues today's tech firms have stronger earnings and free cash flow than late-1990s winners.
Look For Fed Easing To Broaden Market
- Reinhard says broadening beyond mega-cap tech needs continued Fed easing and cooling of inflation.
- Watch labor market moderation and fiscal stimulus timing to judge whether breadth will follow.
Firms Hold Workers Through Uncertainty
- Companies are in a "low hiring, low firing" mode, holding workers amid uncertainty rather than cutting staff.
- Reinhard sees this as a sign companies expect sales and margins to remain decent despite pause in hiring.