Liz Ann Sonders pointed out we've been in a unique environment since April which has skewed trade numbers to extremes beyond fundamentals, affecting GDP estimates.

On earnings, Sonders says there should be a big focus on productivity, how much is tied to AI, and how it shows up in numbers.

Sonders emphasizes you can't be monolithic about tech, citing today as a good example of quick rotation between Meta and Microsoft, but within a generally broadening backdrop.

Sonders observes a unique situation: while misses are being punished, some beats are also down on the first trading day, a shift from recent quarters.