Bloomberg Surveillance Big Tech Continues to Push Markets; Bitcoin Weakness Persists
17 snips
Nov 24, 2025 
Lori Calvasina, Head of U.S. Equity Strategy at RBC Capital Markets, shares insights on market volatility and 2026 outlooks, emphasizing the importance of earnings revisions. RaeAnn Mitrione, Partner at Callan Family Office, discusses the positive impact of AI on equity markets and advocates for diversification across sectors. Both guests touch on the implications of tech spending and alternative investments, while also addressing challenges in the crypto market and real estate price adjustments.
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Pullback Clears Overhangs For 2026
- Markets needed a 5–10% pullback and finally crossed the 5% mark, which helps clear overhangs into next year.
- Lori Calvasina says stocks can perform in 2026 but there are items to work through first.
Earnings, Not Just Fed Cuts, Drive Markets
- Earnings growth is the primary driver of markets and modest Fed cuts alone won't create a long-lasting rally.
- Calvasina highlights that earnings sentiment and upward revisions must resume to sustain gains.
Prefer Forward P/E For Cross-Sector Valuations
- Use forward P/E for cross-sector valuation comparisons rather than EV/EBITDA for universal applicability.
- Calvasina says forward P/E is more broadly comparable across industries and sizes.