bloomberg intelligence chief equity strategist gina martin adams joining us now. we had a massive rally in tech stocks. gina: pretty good rally in tech and in the dollar, which should have notable consequences for global allocations going into 2022. generally, the equity notion -- the equity market celebrating the notion that we have this pest dispelled by the news, but also the market taking the signal that the terminal rate might not go as high. the fed will work to contain inflation, normalize policy, and they are sticking to their guns despite fears recently about omicron and potential variants around the world, new infections, slow growth. they are saying growth will not slow enough to materially change our playbook, and the equity market is taken as a positive. -- is taking a as a positive. taylor: talk to was about this dollar strength. matt: what it does more than anything -- gina: what it does more than anything is keep u.s. stocks inflated relative to stocks around the globe. in the u.s., it benefits importers relative to exporters. it is generally better

tom: gina martin adams with us with bloomberg intelligence, a whole team of people working sector by or on what makes this market. with all of this, the great conversation with gina martin adams and ken rogoff, we did not say enough about retail sales. i believe i saw a negative statistic. lisa: on the control group. this is significant. it raises the question on how much inflation is weighing on consumer willingness to buy more stuff. the fact we saw such a big disappointment means it is starting to weigh. i wonder how much this is in the estimate -- this is the smallest advance on the overall retail sales number in four months. to keep the trajectory going. tom: i will go nominal. michael mckee said those are nominal statistics. when you take out inflation you wonder how it adjust. with the inequalities in america, we make jokes about good morning to all at lvmh, at the bottom of the line there are partitions to america, partitions to retail come into huge partitions to the future of equities. lisa: when you start looking at 6.8% increase in prices year-over-year, this is a new para

michael mckee not listening to gina martin adams. he is buried in the data.is beneath the headline data? michael: the biggest thing is a scene lit -- a seasonal adjustment factor. the total number of nonfarm jobs on a nonseasonal basis was 700,000, so we lost about half a million jobs to the seasonal adjustment factors in the month. neil dutta points out the fed's survey of economic projections is based on the unemployment rate and not the total number of nonfarm payroll jobs. the fed will be looking at the unemployment rate and the figures underneath that for good news. health care is big in the keene family, hospitals lost 3900 jobs during the month. we heard a lot about nursing burnout and dr. burnout -- and doctor burnout. i wonder that is a seasonal thing and there is a real loss of jobs. tom: one more question. seasonal adjustment. people flunked economic exams over that. with all of your research, do you have belief in the validity -- in the validity of seasonal adjustment given the shock of this pandemic? michael: i believe in the validity of seasonal

gina martin adams of bloomberg intelligence. not just bullish, but bullish and right.t: absolutely. she has been right. we are going to talk to dan ives , who has also been bullish and right. i'm excited about that. he is still bullish on most of the major tech stocks out there, so we are going to get a chance to talk to him about apple after this bonus story and tesla after elon musk's sales have not deterred the gains in market cap. apple could reach $3 trillion relatively soon, and tesla is worth over $1 trillion. jonathan: i was talking about this in the last 24 hours on why we associate bearishness with intelligence, and somehow if you are bullish you are naive and don't appreciate what is going on in the world around you, but the last couple of years, given everything thrown at this market , covid-19 and all the rest of it, given the support from central banks, the bounce back in earnings, this is been a second year of gains. kailey: absolutely. get the question is, we lose the upside surprise materializing in 2022? the expectations are for a year that will not l

gina martin adams has helped us fill in all week. thank you so much for joining us on this week. ur number one take away from the past couple of days? gina: i think it is that everyone remains generally pretty optimistic. we have had a few bears, but most people are pretty optimistic about the year ahead. definitely balancing strong growth with inflation pressures. i get a sense of optimism from many of our guests. kailey: thank you so much. guy and i will be here tomorrow and guide will be coming up on bloomberg markets. futures negative about point -- about negative point when he 5% on the s&p 500 -- -.25% on the s&p 500. this is bloomberg. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2 alix: from new york city, i am alix steel in for jonathan ferro. futures trading heavy. volum

kailey leinz, gina martin adams, and guy johnson in for tom keene

kailey leinz, gina martin adams and guy johnson in. he thought it was going to be a sleepy holiday week. joe manchin is now a no unbilled that better. the world economic forum now being pushed out until the summer of next year. >> i'm not overly shocked about davos. i would be surprised to see the likes of jamie dimon. it's a double whammy for the markets. joe manson -- joe manchin accelerating not only here in the u.k., across europe and now in the united states. equity markets are off their lows which i think is interesting because we are seeing a more positive response to that mentor news. we have a bit in the bond market. euro-dollar actually catching a little bit of bid as well and s&p futures really mirroring what we are seeing. >> equities are down a lot harder. in terms of what else is coming up we are going to get conference board leaving index. a lot of the data is going to come later this week when we get pcs and gdp. any economic indicator could in theory make a difference. we will be keeping an eye on the white house. what

kailey leinz, gina martin adams and guy johnson in.ought it was going to be a sleepy holiday week. joe manchin is now a no unbilled that better. the

kailey leinz, gina martin adams, and guy johnson in for tom keene, lisa abramowicz, and jonathan ferroere relative to earlier this week. guy: i think it is harder when it is quieter, but definitely big shoes, particularly in the

if we have 8%, 9%, gina martin adams saying almost double digit earnings growth in 2022, then that wouldngth, or you would think that the market strength would continue, especially if we continue to get these kind of valuations. jonathan: what do you make of that? fears of recession during the next three to six months. if so, the rapid growth rates of truly innovative companies should be rewarded handsomely. kailey: i think it is interesting. part of that thread which is quite long, she talks about it being the opposite of y2k, in that the industries that are most dealing with these excesses in inventories are the ones that are going to be disrupted by technology, and therefore you are going to see a flipping of what we saw two decades ago. on the growth versus inflation side, i am not sure anyone is too worried about the risk of recession right now. i guess the question is maybe this is reflected in the flatter yield curve we were talking about, the fears for growth down the line if the fed is really aggressive in normalizing policy. jonathan: i will get to that quote. "this build up, a

gina martin adams. we will talk to her and just moments. we are simulcasting radio and tv. we are back in just moments. this is bloomberg. ♪ ♪ [speaking non-english language] >> while bali has reopened its borders, they are still not coming in. many international airlines are yet to reinstate flights to the island. people here really hope they can see more people from australia, china and europe next year. ♪ david: the hardest thing in life is to be happy. you seem like a very happy person. >> it is like nature. nothing stops so you can be super happy one minute and then something happens. it is just living. it is the joy of life. david: for any young woman watching this, what would you recommend? diane: the most important thing in life is a relationship you have with yourself. once you have a good relationship with yourself, any other relationship is a plus and not a must. the second advice is to be as true to yourself as you possibly can. it is not easy. you have to accept things you may not like, but the more you can be you, the happier

who better to talk markets then gina martin adams? she is at bloomberg intelligence . wind down of 2021 and what we are looking forward to in 2022. gina: it is really starting with the earnings season, the third porter picking up in october. we got signals that 2022 may be more difficult than 2021. we are expecting hundred 70 dollars in earnings and likely to get 200 and earnings. incredible in the first half of the year. companies started to guide us to expect tougher times come the fourth quarter. that will likely be the story for 2022. everything will no longer be 100% correlated it. we'll have to do more homework in terms of investing and pick stocks carefully into 2022, as the rising tide will no longer lift us off. different asset classes are likely to perform much better than others. it will not be a one sided story of recovery into expansion. we will still see growth but we will not see the riproaring recovery continue. romaine: i am an investor -- if i have to get more selective, what are the sectors that you suggest i take a look at? gina; on the sector score