Kingsview CIO Scott Martin On Bloomberg DayBreak – Bloomberg Radio News – 11.27.25
NATHAN HAGER: Thanks for joining us on this special edition of Bloomberg Daybreak. U.S. markets are closed for the Thanksgiving holiday. I’m Nathan Hager. After soaring from the spring into the fall, the stock market took a bit of a breather this month. The S&P 500 is on track for its first monthly decline in seven. So, is there more pain ahead, or could this be a buying opportunity? Let’s ask Scott Martin. He’s the Chief Investment Officer at Kingsview Wealth Management. Happy holiday to you, Scott. I think we all remember what happened seven months ago with the April tariff announcement. We got the bounce-back since then. Could we be set up for a repeat this time around?
SCOTT MARTIN: Yes, it does feel similar, Nathan. As we head into the holiday season, the market has been in more of a “giving” mood — giving back some of the gains from earlier in the year. I think this is another stress point, like what we saw earlier, where markets feel broken and are focusing more on the bad than the good. We’re seeing that in the price action across tech and other areas affected by recent liquidations. It looks a lot like what we saw in April and May: weaker hands being shaken out. Once that happens, stronger hands — or everyday investors — can step in and find more attractive price levels heading into next year.
NATHAN HAGER: Let me play devil’s advocate for a moment, because there is a debate right now about whether the artificial intelligence names and mega-caps have gotten too stretched in terms of valuation. Is this just froth, or could there be more to give back?
SCOTT MARTIN: There’s probably some more to give back, yes. Markets tend to swing too far in both directions. When things get overly extended to the upside, the market eventually gets nervous and pulls back too far to the downside. That’s emotion, not fundamentals. Markets are nonlinear and emotionally driven. When fundamentals get thrown out the window on both the upside and the downside, that’s where opportunity develops. Looking beyond the next few days or weeks, the longer-term setup still looks solid — especially in parts of tech and AI that have real earnings. We saw that with Nvidia earlier in November. The long-term story remains strong. So even if volatility continues into the next month or two, we believe the six-to-twelve-month outlook is positive.
NATHAN HAGER: Is this going to be an opportunity across the tech sector, or is it more of a stock picker’s market?
SCOTT MARTIN: Good question. From the price action so far, it looks like a stock picker’s market. Some tech names — Google, Nvidia, Oracle — have held up better than others. But when you look at stocks that have been overly punished — like some chip names — the selloff appears overdone. Those could offer the most upside going forward, because the decline doesn’t match their fundamentals.
NATHAN HAGER: Is there too much focus on the tech sector right now? Do you see opportunities for broadening or rotation?
SCOTT MARTIN: We do. Rotation is already spreading into financials, pharmaceuticals, healthcare, even utilities — which is typically considered a boring sector. Those areas have stepped up. But historically, long-term growth still comes from tech. Healthcare, utilities, and telecom do well during pullbacks, but the bigger long-term appreciation tends to come from tech. So yes, leadership may broaden, but we still expect tech to recover and drive long-term growth once this emotional period settles.
NATHAN HAGER: Is this going to come down to fundamentals, or does the market need the Federal Reserve to step in?
SCOTT MARTIN: That’s the big question.
We have a Fed meeting in December. I’ve been in the camp that the Fed shouldn’t cut rates over the last two meetings, and I still feel that way. The market and the administration seem to be relying on the Fed to “save” things, but the fundamentals don’t show an urgent need for action. Inflation is still above 3 percent.
GDP projections for Q4 and early 2026 are in the 3.5 to 4 percent range. Job growth has been firming again. The economy is strong enough that the Fed doesn’t need to cut. Whether they cut or not in December won’t fundamentally change the long-term picture. It may cause a short-term reaction, but the right move is for the Fed to step back and let the economy breathe. Long term, fundamentals — not Fed intervention — will determine the market’s direction.
NATHAN HAGER: Interesting perspective on where things could go in terms of policy. Scott, thanks for joining us.
SCOTT MARTIN: Thank you very much.
Investment advisory services offered through Kingsview Wealth Management, LLC (“KWM”), an SEC Registered Investment Adviser. Insurance products and services are offered and sold through Kingsview Trust and Insurance Services (“KTI”), by individually licensed and appointed insurance agents. KWM and KTI are subsidiaries of Kingsview Partners. KWM is an investment adviser registered with the Securities and Exchange Commission (“SEC”).
