Bloomberg Surveillance Bloomberg Surveillance TV: September 18th, 2025
Sep 18, 2025
Nela Richardson, Chief Economist at ADP, dives into jobless claims and the current state of the labor market. She highlights the health of employment but raises concerns about its concentration across sectors. The discussion also touches on the impact of Fed policies on hiring dynamics and market reactions. With insights on the risks ahead, Nela paints a vivid picture of how economic shifts could affect both workers and businesses alike.
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AI And The Fed Are Joint Market Drivers
- AI and Fed policy together now drive sector leadership and index performance.
- A handful of large names supply most earnings growth, so index moves concentrate around AI winners.
Actively Target AI Winners
- Be active in portfolio construction by distinguishing AI winners from losers within tech.
- Use active strategies or targeted large-cap growth ETFs to capture AI-driven earnings growth.
Small-Cap Rally May Be Temporary
- Recent small-cap strength looks like a short-lived rotation rather than a regime shift.
- Structural forces and lack of earnings growth make long-term outperformance unlikely versus large-cap growth.