Closing Bell Closing Bell: Tariff Turnaround 1/22/26
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Jan 22, 2026 Chris Toomey, a top financial advisor at Morgan Stanley, shares his insights on what high-net-worth clients are concerned about, including gold allocations and hedging strategies. Richard Clarida, former Federal Reserve Vice Chair, discusses potential Fed chair nominees and predicts no immediate rate changes, emphasizing Fed independence. They delve into the impact of the president's tariff turnaround on market volatility and the implications for economic resilience, particularly focusing on small-cap stocks and their current valuation challenges.
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Economy Resilience Fuels Earnings-Led Rally
- The U.S. economy has remained remarkably resilient through repeated shocks since 2020.
- Ed Yardeni says resilient GDP and earnings point to an earnings-led market melt-up.
Geopolitical Shocks Create Buying Windows
- Geopolitical noise often creates short-term buying opportunities once headlines moderate.
- Yardeni argues
Small-Cap Rally Is Narrowly Led
- Small-cap strength is concentrated in biotech and regional banks rather than broad-based growth.
- Dom Chu notes XBI and KRE have driven much of the Russell's surge.