Bloomberg Surveillance Bloomberg Surveillance TV: December 29th, 2025
Dec 29, 2025
Cameron Dawson, Chief Investment Officer at NewEdge Wealth, analyzes market leadership shifts, emphasizing the importance of equal-weight S&P earnings as it relates to semiconductor cycles. Deborah Cunningham, CIO for Global Liquidity Markets at Federated Hermes, shares insights on Fed policy impacts and highlights potential rate cuts in 2026 amid evolving liquidity conditions. Retail analyst Dana Telsey discusses strong holiday performance, contrasting the successes of off-price retailers with the challenges faced by giants like Target.
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Breadth Signals A Potential Broadening
- The market's 2026 narrowing leadership may broaden if equal-weight S&P earnings beat expectations.
- Broader participation now (64% above 50-day) suggests healthier breadth than last year.
NVIDIA's Cash Alters The Semi Cycle
- NVIDIA's cash generation enables huge acquisitions and reshapes AI narratives.
- Semiconductor cyclicality still matters despite secular AI tailwinds and could limit extrapolation.
Unprofitable AI Stocks Stayed Behind
- Nonprofitable AI names led earlier but didn't join the latest rally, hinting at more rational pricing.
- That restraint could be healthy for market stability going forward.