Stocks Await Key Jobs Figure
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 4 September 2025
⏱️ 24 minutes
🧾️ Download transcript
Summary
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneySeptember 4th, 2025
Featuring:
1) Stuart Kaiser, Head: US Equity Trading Strategy at Citi, joins to discuss his S&P target, the broadening of the equity rally, and opportunities in small caps. Wall Street strategists see signs that investors are becoming more concerned about Federal Reserve independence as President Donald Trump seeks to impose his will on the central bank and pushes for interest-rate cuts.
2) Constance Hunter, Chief Economist at EIU, discusses recent eco data and what it portends about the path of rate cuts in 2025, not just September. Positioning in stock, bond and gold markets suggests that investors are preparing for a potential rise in inflation, according to the team at JPMorgan Chase.
3) Monica Guerra, Head of US Policy at Morgan Stanley Wealth Management, joins to discuss President Trump's economic and political priorities. President Trump asked the US Supreme Court to uphold his global tariffs, seeking review in a case that could affect trade and give him broad new leverage over the world economy.
4) Ben McMillan, CIO at IDX Advisors, talks about the record rise in gold and the return of the bond vigilantes. Analysts at Goldman Sachs Group say that growing concerns regarding US institutional credibility are creating significant tail risks that could lead to commodity price spikes, including in gold.
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Transcript
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| 0:00.0 | When the rest of the markets slow down, the futures market keeps moving. |
| 0:04.9 | Did you know that CME Group S&P 500 and NASDAQ 100 futures trade nearly 24 hours with great liquidity? |
| 0:12.0 | In the ETF markets, volume and liquidity lessens after 4pm until the next morning. |
| 0:17.1 | But with futures, you get trading opportunities both day and night. |
| 0:21.1 | Learn more at CMEgroup.com slash equity futures. |
| 0:28.3 | Bloomberg Audio Studios, podcasts, radio news. |
| 0:40.7 | This is the Bloomberg Surveillance Podcast. |
| 0:48.0 | Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app. |
| 0:52.9 | Listen on demand wherever you get your podcasts or watch us live on YouTube. Stuart Kaiser of Citigroup joins us with a really very |
| 0:57.1 | different outlook is U.S. equity trading strategy. Do you assume after the tensions of back to school |
| 1:04.8 | the summer of September rather in that? Is there typically a bull market rally at the end of the year into November? Is there |
| 1:14.7 | sort of a dash up typically at the end of the year? Yeah, I mean, typically seasonally speaking, |
| 1:19.9 | it's April, April, November, December are kind of your best months of the year. April's obviously |
| 1:24.0 | big earnings month and everybody gets their tax returns, which is nice. And if you get them. |
| 1:27.7 | And then you do get that year-end rally. |
| 1:29.9 | Typically tech actually does well into the year end. |
| 1:32.0 | You get the quote-unquote budget flush of these big tech budgets and that helps. |
| 1:35.8 | So once we get through September, which is usually a tricky month, it does look up. |
| 1:40.1 | So smart guys like you are looking at a lot of dynamics, pro dynamics, and I want you to address this. |
| 1:47.0 | We're not extended right now. |
| 1:49.8 | There isn't this exuberance. |
| 1:51.4 | There isn't this frenzy when you look at a lot of different mathematics. |
... |
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