Bloomberg Surveillance Bloomberg Surveillance TV: December 26th, 2025
Dec 26, 2025
Join Victoria Fernandez, Chief Market Strategist at Crossmark Global Investments, as she discusses the challenges facing equities in 2026, including sector rotation and CapEx implications. Ed Mills, Washington policy analyst at Raymond James, dives into the complexities of foreign policy and the potential impact of upcoming talks between Ukraine and the U.S. George Goncalves, Head of US Macro Strategy at MUFG Americas, warns about macroeconomic risks and labor market concerns, while also highlighting the connection between Fed policy and precious metals.
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High Bar For Equities In 2026
- Equity valuations enter 2026 with optimism already priced in, raising the bar for positive surprises.
- That combination makes a midterm-year correction and higher volatility more likely.
Trim Mega-Cap Tech, Rebalance Into Uptrends
- Trim exposure to high-valuation tech names and rebalance into sectors gaining uptrends like health care, financials and industrials.
- Keep some defensive positions ready given likely midterm-year volatility.
CapEx Is The Earnings Watchword
- Corporate CapEx will be a central focus of 2026 earnings, driving productivity and future profitability if balance sheets can support it.
- Investors will scrutinize company-specific cashflow and margin impacts from AI and infrastructure spending.