Bloomberg Talks Liz Ann Sonders and Kevin Gordon Talk Market Response to Iran
Apr 1, 2026
Kevin Gordon, Charles Schwab macro strategist known for clear market framing. Liz Ann Sonders, Schwab chief investment strategist famous for big-picture market calls. They explore market reactions to the war in Iran. They discuss headline-driven risk, patience vs. knee-jerk moves, sector rotation, retail positioning shifts, and how alternatives and debt concerns shape investor questions.
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Policy Headlines Now Move Daily Markets
- Markets are narrowing the gap between Washington policy moves and daily equity reactions, making headlines more market-relevant.
- Kevin Gordon notes policymaking now affects day-to-day equity moves, increasing sensitivity to political headlines like the Iran war.
Stand Firm During Geopolitical Volatility
- Avoid knee-jerk portfolio moves during geopolitical shocks and resist making high-conviction calls amid headline uncertainty.
- Kevin Gordon invokes Jack Bogle: don't just do something, stand there, and consider selective conviction in commodities.
Multiple Contraction Drives Recent Market Pullback
- Recent S&P 500 pullback is driven mainly by multiple contraction while earnings estimates rose, not by falling earnings.
- Liz Ann Sonders points out tech and energy estimates rose and analysts are largely waiting for earnings season commentary.