UBS On-Air: Market Moves House Call: Talking Equity Markets with UBS Asset Management
Aug 8, 2025
Jeremy Zirin, a Senior Portfolio Manager at UBS Asset Management, provides valuable insights on the performance and outlook for US equities. He discusses the recent rebound of the equity markets driven by strong economic data, despite consumer sentiment fluctuations. The conversation dives into the resilient consumer spending and the bullish view on artificial intelligence’s impact on the economy. Zirin also emphasizes the importance of diversifying investment strategies, particularly within the financial sector, amidst current economic uncertainties.
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Mega Caps Are Driving Returns
- Market gains were concentrated: the top 10 firms (2% of companies) account for 38% of S&P 500 market cap and led the rebound.
- Jeremy Zirin warns this concentration amplified the market's recovery.
Earnings Momentum Remains Intact
- Corporate profits remain healthy: Q1 S&P 500 earnings rose and forward 12-month estimates moved up about 4% year-to-date.
- Jeremy Zirin observes companies are not broadly cutting guidance despite tariff concerns.
Hard Data Shows Economic Resilience
- Hard data shows resilience: nonfarm payrolls averaged ~130,000 monthly and retail sales grew around 3–5% year-on-year.
- Jeremy Zirin says this combination of resilient growth and moderating inflation is equity-friendly.