Featuring: Alicia Levine, Head of Investment Strategy &amp; Equities at BNY Wealth Momei Qu, Managing Director: PSP Growth at PSP Capital Partners Nur Cristiani, Head of LATAM Investment Strategy at JP Morgan Securities See omnystudio.com/listener for privacy information.

Bloomberg Surveillance TV: June 29th, 2026

Bloomberg Surveillance

# Full Transcript

**Podcast:** Bloomberg Surveillance

## Transcript

Surveillance or NASDAQs or Goldman Sachs I'm Francine Lacroix, an award-winning journalist. And I've got a new podcast, Leaders with Francine Lacqua from Bloomberg Podcasts. I've interviewed everyone from heads of state to fashion icons about the news of the moment. But I've always been curious, who are these people as leaders? I don't think there's one right way to be a leader. Make decisions. A poor decision is always better than no decision.

Listen to new episodes every other Monday. Follow Leaders with Francine Lacroix wherever you get your podcasts. Bloomberg Audio Studios. Podcasts, radio, news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Farrow, along with Lisa Abramowitz, and Anne-Marie Hordern. Join us each day for insight from the best in markets, economics,

and geopolitics. From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6 to 9 a.m. Eastern. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business App. We begin this hour with stocks looking to bounce back from a week full of tech jitters. Alicia Levine of BNY Wealth writing, expect a summer of volatility, a midterm election year, AI backlash, an IPO supply, will produce a consolidating market. Alicia joins us now for more. Alicia,

good morning. Good morning. Given all of those things, that long, long list, what's the road, the path to 8K? So, the path to 8K is the earnings, right? It's the earnings and the fact that it's not just focused on the AI beneficiaries, but it's actually broadening throughout the S&P. And that's what gets you to the 8,000. Also, you know, the multiples are really not that high. We're back to 21 times forward earnings. In a market that's growing at 23 or 24 times on the earnings side, it's pretty extraordinary. And we're still looking for

17% growth for next year. So, you're following two very strong years with a multiple that seems fine, but you're going to get volatility. There has to be consolidation here. I mean, some of those charts are parabolic with the memory names, you know, like, you know, that's the center of that. And it's going to pull some of the market down with it just because they are the leaders right now, right? It's not the MAG-7, the LAG-7, right? Maybe there's a buying opportunity there,

frankly. But that's what's led the market higher. So, you've got to, it's not just tech, it's not just memories all over the industrial space. Healthcare is, you know, is raising its head here as an interesting sector to look at. The charts look a lot better. But those are not large enough to get your index higher. So, you know, you're going to have a rotation, but you're challenged probably on the index level for the next few months. Outperformance on the equal weight, outperformance on small caps. You alluded to it. Is it time t...

Bloomberg Surveillance TV: June 29th, 2026

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Bloomberg Surveillance TV: June 29th, 2026

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.