Closing Bell Closing Bell 12/3/25
Dec 3, 2025
Chris Heisey, Chief Investment Officer at Bank of America Private Bank, shares insights on macro trends and asset allocation. He explains why a cautious bullish stance may prevail in 2026, with tailwinds from fiscal relief and modest profit growth. The conversation shifts to AI, discussing how companies are leveraging it for efficiency and the potential for lasting productivity gains. Heisey also emphasizes the importance of rebalancing portfolios after gains and highlights key sectors like healthcare and cybersecurity amid evolving market dynamics.
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Proud Bull But Not Stampeding
- Markets are pricing a holiday-led momentum into early 2026 driven by tax refunds and fiscal relief.
- Bank of America’s Chris Heisey calls this a
AI Spending Is Broadening Market Breadth
- AI investment is broadening market participation beyond a few speculative pockets.
- Heisey says tech multiples compressed but broader sectors are now joining the rally.
Small Business Job Losses Stand Out
- ADP reported a private payrolls decline driven by small-business losses, contradicting a rosy macro view.
- Steve Leisman warns small firms have shed jobs repeatedly, making Fed rate-cut timing tricky.