Asks Sarah Malik, CIO of Nuveen, for her reaction to the jobs numbers and whether anything disturbs her about deploying client money.
Joe
Sarah Malik
Markets not reacting much as number was a slight disappointment but not enough to move the Fed. Expects two rate cuts in back half of year.
Sarah Malik
If payrolls stay in this five-digit range and earnings are strong, markets can continue to rise from here.
Asks for 2026 equity guidance, noting rich multiples but potential for double-digit earnings growth.
Joe
Sarah Malik
Price target for S&P 500 is 7500 this year, expecting earnings growth in high single to low double digits.
Sarah Malik
Technology and financials will lead. Tech stocks should see double the earnings growth of the S&P 500.