Bloomberg Surveillance Markets Watch Fed Signals as Tech and Crypto Remain in Focus
Nov 18, 2025
Stuart Kaiser, Head of US Equity Trading Strategy at Citi, dives into the implications of retail pullback and rising volatility, linking it to investors' concerns about Fed policies. He highlights potential event risks tied to key earnings reports, particularly from NVIDIA and Walmart. Randy Schwimmer, Vice Chair at Churchill Asset Management, discusses the growing interest in private credit as retail investors gain access to alternatives, and shares insights on how institutional interest is reshaping fundraising landscapes and deal pipelines.
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Modest Pullbacks Trigger Large Market Angst
- Markets show outsized angst despite only modest pullbacks because prior bullish sentiment was extreme.
- Calendar effects and year-end positioning amplify stress even when indices are only down a few percent.
Volatility Reflects Memory, Not Just Current Moves
- VIX and retail vol flows reflect scar tissue from earlier volatility events, raising baseline fear.
- Low economic visibility and dated inflation data magnify option-market nervousness.
NVIDIA And Walmart Are Both Market Catalysts
- NVIDIA carries high expectations and recent news may lower the price bar, but earnings and guidance risk remain.
- Walmart offers a different execution-led multiple that makes its print equally market-relevant.