When the rest of the markets slow down, the futures market keeps moving.

Did you know that CME Group S&P 500 and NASDAQ 100 futures trade nearly 24 hours with great liquidity?

In the ETF markets, volume and liquidity lessens after 4pm until the next morning.

But with futures, you get trading opportunities both day and night.

Learn more at CMEgroup.com slash equity futures.

Bloomberg Audio Studios. Podcasts, radio, news.

This is the Bloomberg Surveillance Podcast.

I'm Jonathan Ferro, along with Lisa Abramwitz 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. So we get to the view on Wall Street this morning.

This is what it sounds like. Steve and Arthur Federated writing, we're maintaining our

outlook for more modest but volatile, positive, single-digit returns in U.S.

stocks through 2027.

Steve joins us now for more.

Steve, welcome to the program.

I read the recent note.

Let's work through it.

Do you still believe this is just another brick in a so-called climbable wall of worry?

Well, Jonathan, there's a fine line between a wall of worry and a brick wall.

...