Bloomberg Surveillance US Jobless Claims Fall as Trade Deficit Widens
25 snips
Feb 19, 2026 
Mishal Husain, broadcast journalist covering breaking royal news, outlines the arrest of former Prince Andrew and UK reactions. Wendy Schiller, Brown political scientist, analyzes presidential strategy, midterm dynamics and tariff politics. Liz Ann Sonders, Chief Investment Strategist, talks market rotation, AI-driven sector shifts and earnings versus valuation trends.
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Small-Cap Quality Rotation
- Small-cap performance shifted from unprofitable to profitable names leading this year.
- Liz Ann Sonders notes profitable components in the Russell 2000 now outperform non-profitable ones, reversing 2025 trends.
Earnings Growing But Beats Weaker
- Aggregate S&P 500 earnings growth rose to around 13% year-to-date, above early expectations.
- Liz Ann Sonders highlights that beat rates are weaker even as earnings grow, and guidance is more subdued.
Earnings Doing The Heavy Lifting
- Valuation expansion paused around August, forcing earnings to do more heavy lifting.
- Liz Ann Sonders says flat valuations plus rising earnings eased some valuation concerns for equity markets.