Bloomberg Surveillance Bloomberg Surveillance TV: November 19th, 2025
Nov 19, 2025
Alicia Levine, Head of Investment Strategy at BNY Wealth, predicts a market rally as recent pullbacks clear the way for growth, emphasizing tech shifts and earnings outlooks. Julian Emanuel, Chief Equity Strategist at Evercore ISI, discusses his bullish S&P 7750 target, citing macro conditions and data normalization. Libby Cantrill from PIMCO expresses skepticism about tariff dividend checks while exploring policies aimed at affordability and housing supply. Together, they unpack the current investment landscape and its implications for future markets.
AI Snips
Chapters
Transcript
Episode notes
Healthy Reset In Tech Multiples
- Markets have retraced modestly and multiples on tech have compressed, which removes some froth from valuations.
- Alicia Levine sees this as a healthy reset and expects a rally into year end driven by productivity and stimulus refunds.
AI Is Driving Broad Productivity Gains
- AI is moving from picks-and-shovels winners to broad implementation across firms, boosting revenue per employee in hyperscalers.
- Levine expects margins and productivity to rise across many companies, widening market participation beyond the top seven names.
Prefer Stronger Payrolls Over Forced Cuts
- Aim for payrolls above 50k to keep Fed cut probabilities balanced and the economy appearing resilient.
- Alicia Levine advises that a stronger labor market is preferable even if it reduces near-term cut odds.