Managing a Portfolio Full of Winners 6/4/26

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**Scott Wapner** (1:01)
I'm Scott Wapner and you're listening to Cnbc's Halftime Report, the podcast, the most profitable hour of the trading day. We record this live weekdays at 12 Eastern. Listen in.

**Bill Baruch** (1:15)
Carl, thank you very much.

**Scott Wapner** (1:16)
Welcome to the Halftime Report. I'm Scott Wapner, front and center this hour. The markets, of course, Broadcom crowdstrike their wing on tech today. Chips are weaker, some software names, Bitcoin approaching a new 52 week low. The Dow, though, is surging today. There's a bit of a rotation going on, and we will discuss and debate that with the Investment Committee. Joining me for the hour, Malcolm Ethbridge, Jim Labanthal, Bill Baruch and Bryn Talkington. Show you the markets here at 12 noon in the East. The S&P and the NASDAQ are on track to snap their nine week win streaks. That's your picture here at noon.
The Dow's the big ripper, Malcolm, today. You do have some broadening into financials discretionary and industrials and healthcare.
And there's money coming out of the biggest winners within the tech universe over the last month. A lot of the chip names are weak. Some of the cyber names are weak and we can get to the individual broad coms and the crowd strikes in a moment. But just the overall makeup of the market today, what do you take from it?

**Malcolm Ethridge** (2:15)
I think we're probably seeing one of the first of many tests of this existing bull market within tech. We've got the AI revolution continuing on.
The narrative is going to continue to be challenged this summer and into the fall as we've got these massive IPOs that are going to show up here. We've got a lot of spending that, an investing that has happened in both private and public markets. And I think investors are now trying to make sure that they're not caught off sides. There's a lot of harkening back to 1999 There's a lot of talking about whether this is 99 all over again. And I think one of the key differences here is the retail investor is able to move a lot faster than they were back then. They're also a lot more educated on the markets than they were back then. And so I think what we're seeing is a lot of people trying to make sure that they line up on the right side. I don't think that this is necessarily indicative that we've reached the top and it's time to ring the bell here. But I do think we're going to see these kinds of ebb and flow moments throughout this year as we have these big events named and listed.

**Scott Wapner** (3:16)
If you look on the board today, you know, a lot of the biggest monthly winners, as I was saying, you know, the crowd strikes and the Palo Altos, which even with the declines that you're seeing today, are still up near 50% over the last month alone. Everybody knows what's been happening with the chip stocks. AMD, over the last month, up 53%.
Micron, over the last month, up 75%. So a little bit of money coming out of those areas and finding a home elsewhere in some of those other sectors is probably a welcome sign for those who have been looking for a little more healthy looking market.

**Jim Labanthal** (4:00)
I completely agree. I mean, this is what a consolidation should look like.
These parabolas have occurred. They have to come down a little bit and then stabilize before the next leg higher. And that consolidation is healthy because it sets up the next leg higher. I do want to draw a distinction. There's no reason that I can see to think that there's going to be a correction any time soon, whether it's the market overall or semiconductors or technology. I think for a real correction to happen, you'd have to have a massive sentiment shift. Now that could happen if, say, things with Iran get meaningfully worse. But let's face it, this is a market that has grown very inured to what's going on in the Persian Gulf. It's grown very inured to West Texas Intermediate being somewhere around $100 a barrel.