Gina Martin Adams from Bloomberg Intelligence discusses the potential for new cyclical leadership in the S&P 500 as tech sector multiples normalize. The video covers the impact of the Fed's balance sheet on market multiples, sector rankings, and valuation trends. It highlights the transition in market leadership as earnings recover, with sectors like materials and health care rising to prominence.

Which sectors have displaced tech in the top third of the scorecard for the first time since 2018?

What is expected to happen to the leadership of the index as earnings recovery starts to emerge into 2021?