Has the Tech Corrected Enough? The Committee Debates the Sector's Next Move 6/11/26

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**Scott Wapner** (1:00)
Carl, thank you very much. Welcome to the Halftime Report. I'm Scott Wapner, front and center of this hour. The latest on the tech reset. The space is trying to bounce today. The committee also taking its positions ahead of the SpaceX IPO pricing tonight, trading tomorrow. We'll have the very latest, of course, coming up. Joining me for the hour, Josh Brown, Jenny Harrington, Rob Seachen, check the markets here, told you this bounce is trying to happen in tech. Two-thirds of one percent for the NASDAQ. That's where we really have been focused. We're right around 7300 for the S&P.
Qs are down 4% this week. That's notable. NASDAQ's down a couple of percentage points this week. The Sox has been down for the past five days, the epicenter of a lot of the selling. So what's going on?
That's the question we want to ask. Jonathan Korinsky, BTIG says today, at this point, our assumption is that this is still a positioning unwind, not a regime change. But we don't think it's fully run its course. As a result, we would suggest you remain seated with your seatbelts fastened.

**Jim Labanthal** (2:02)
I can hear you okay and I've got program.

**Scott Wapner** (2:04)
As we expect more near-term turbulence. What do you think?

**Josh Brown** (2:09)
Yeah, I think that's fair.
It's too soon to say, Oh, that's it. We saw the top of tech never going to be as good again.
People have made that call over the last three years on multiple occasions and then pie right in the face. So Jonathan is a technician. I don't think a technician wants to say a rocky 30-day period is like the end of what's been a 36-month bull market. I don't want to say that either. However, Mag 7 are now as a group negative on the year. We had blow-off tops in Korean stocks, Memory stocks, you see the semis bouncing 3% today. Not a ton of conviction, not a lot of volume behind these moves. The software rally that added fuel to the fire, well, that's unwound very quickly. At their peak a few days ago, the software names got to within 11% of their year highs. Now they're backed into a 23% drawdown. A lot of broken hopes and dreams in that space. So, I'm looking at the Action and Oracle. I'm looking at some of these unwinds, continuing to unwind far below where I thought the unwinds would go. And I'm basically sitting here saying, why tech right now? It's too messy, technically. There's so many other things that are working. I want to spotlight. We talked about Casey's. This is both a Porterhouse constituent and in the Best Stocks in the Market. We've been talking about it all year. It's literally pizza in Nebraska. I don't even know what the story is here. Beyond just higher gas prices, more revenue. Look what the market did to this stock yesterday. Went up 15% on earnings. It is the best performing name this week in the S&P 500 There are a lot of Casey's general stores in the tape. We don't need to just be minutely focused on the microns every single day.
I think there are a lot of ways. Starbucks is up 7% over the last week.
Dardens is up 8%.
Best Buy, believe it or not, is up 7%. Kenview is up 7%. There are places to make money. There are winners in every sector in the market inside of biotech, up 7% over the last week. So, that's what I'm focused on, Judge. I'm not as focused on how long will this tech on wine go for. It hasn't gotten me out of bed yet. They're not down enough for me to say, that's it, we're good. And I don't think things are as dire as the bears do.

**Scott Wapner** (4:31)