Buy Tech Dips? 6/23/26

Summary

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Halftime Report – "Buy Tech Dips?" (June 23, 2026): Episode Summary

Overview

On this episode of CNBC’s Halftime Report, host Scott Wapner and the investment committee analyze the state of the market amid a sharp sell-off in tech—the chip sector in particular—and discuss whether the current weakness presents buying opportunities. The panel also debates notable moves in blue-chip stocks like Nike, recent actions in financials and biotech, and recaps the latest investment strategies. In a special segment, U.S. Open golf champion Wyndham Clark joins to discuss his win and the state of professional golf.

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Main Discussion Themes

• Is it time to buy beaten-down tech and semiconductor stocks?
• The rationale behind Josh Brown’s contrarian buy of Nike, despite its struggles
• Current sector rotation: Tech under pressure, financials and biotechs catching bids
• How top investors manage risk when bottom-fishing or trimming winners
• Reflections on the future of professional golf from Wyndham Clark

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Key Discussion Points & Insights

1. Nike: Contrarian Value Play or Trap?

[00:58–10:52]

Josh Brown’s Case for Buying Nike

• Nike's long-term underperformance: “It's down 6% this week. It's down 33% year to date. It's down 50% from its all time high… This thing is trading where it was in 2015.” [02:12]
• Admits it’s atypical for him: “As a rule, I don't spend a lot of time on the 52 week low list. … The stock is at its worst drawdown ever, since coming public. Ever. 73% below highs.” [02:24]
• Insider buying as a signal: “Tim Cook, who is a board member, bought 50,000 shares … Elliot Hill, the new CEO, bought 16,000 and change shares … In April, they bought again.” [04:30]
• Signs of a strategy shift: “Pre-orders, exclusive drops, product tie-ins during NBA Playoffs, and strong resale demand suggest a go-to-market evolution.” [05:10]
• Risks acknowledged: “The earnings will be terrible. Okay. Everyone knows that though … I could be wrong … but what I will tell you is this: this stock has not had a positive year since 2021.” [04:13; 04:28]

Notable Quote

“I'm willing to bet things are pretty bad and there's not going to be a huge penalty if it turns out things are worse. Whereas, God forbid, they have something positive to say about the second half … if they have anything positive to say, nobody likes it, nobody's long. So to me it's more of a risk reward thing.”
— Josh Brown [10:05]

Committee Reaction

• Managing downside: Brown details his risk plan—starting with a half position and readiness to add if the stock drops further [08:12].
• “Will I just hold it endlessly? No, I'll … bail. I'll take the L. Won't be the first L I ever took.” — Josh Brown [08:57]
• Value skepticism: Michael Santoli questions whether insider buying is enough to signal an operational turnaround, noting Nike’s core business issues remain [09:09].

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2. Tech & Semiconductors: Overheated, or Worth Buying?

[10:52–16:17]

Sector Sell-off and Momentum Reversal

• Chip names like Micron dropping ahead of key earnings; sector volatility is high.
• Kevin Simpson: “The reason the stock doubled is pretty basic. The earnings doubled. … What I’ll be looking for is the guidance.” [11:32]
• Interest rate pressure pinpointed: “The whole tech trade is off a little bit because of interest rates not coming down. … Higher for longer puts pressure on the tech trade.” — Kevin Simpson [12:15]

Market Dynamics

• Brian Belsky: “When components of technology were actually beginning to break down, just yesterday the momentum factor made a new all-time high. So this is nothing more than … relief from extreme positioning.” [13:00]
• Michael Santoli: “It's never different this time. … Chips remain the most volatile earner of all the semiconductor names.” [14:13–14:18]

Notable Quote

“The problem with momentum is that the holders are low conviction. So the higher the momentum a stock has, the lower the conviction the holders.”
— Josh Brown [15:04]

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3. SpaceX: Early IPO Lessons & Position Sizing

[16:17–18:36]

• Stock's down post-IPO, but some see a longer-term opportunity.
• Kevin Simpson: “Anyone that was in this name for the pop is out … But I don't know that this is over. … There's an Elon Musk component here that we’ll pay up for. … I’m going to build this position out over the next six months…” [16:32]
• Michael Santoli: “Historically I’ve not purchased IPOs until a year that they're in the public marketplace because of exactly what's going on here now…” [17:57]

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4. Rotation to Financials & Biotech

[18:36–24:23]

Financials—Signs of a Sector Rebuild

• Josh Brown shares his thesis on Citizens Financial Group: “10 times earnings with 35% EPS growth expected this year, 23% next year. … I think it's mispriced.” [20:15]
• Brian Belsky and Michael Santoli both express optimism about small- and mid-cap financials as regulations ease and consolidation plays out [21:36; 22:28].

Biotech—Return of Interest, AI as a Catalyst

• Kevin Simpson: “These are both names trading at 15 times forward earnings… I think this is an AI-adjacent play… an opportunity for pharma and biotech to bring products to market, to go through testing cheaper, faster, better.” [23:26]
• Brian Belsky: “Since April 1st, inflows into the XBI have now totaled $941 million—an 11% increase.” [24:02]

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5. Best Stocks in the Market: Risk Management Updates

[32:27–36:09]

• Josh Brown revisits winners:
  • Interactive Brokers: “Up about 61% since last July … Margin loans are up 40% to $90 billion. If you want to stay long, use $88 as your pivot, or $83 (the 50-day) for investors.”
  • Caterpillar: “Up 20% since April … Betting on continued capex build out. Traders can use $940 as stop, investors $873 (50-day).”
  • Delta: “Choppier, but still in uptrend … They cater to the business and wealthy traveler … Traders can use $75 as stop, investors $74 (50-day).” [32:34–35:01]
• Committee agrees with holdings for the long-term—see quotes in panel feedback below.

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6. Market Tone & Rotation

[36:34–38:03]

• Michael Santoli: “Small caps leading is more a source of volatility than reassuring in this instance … right now you're letting air out with a valve and not with a pinprick.” [36:46, 37:51]
• Scott Wapner summarizes: “Some violent movements of money out of high flying names into other areas of the market aren't going to look or feel great.” [37:32]

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7. Special Guest: Wyndham Clark – 2026 U.S. Open Champion

[39:10–46:47]

Tournament Experience & Mental Game

• Clark discusses overcoming crowd adversity and mental challenges:
  • “Yeah, I mean, the fans were kind of against me, but, you know, I embraced it and was hoping that if I showed them love and kindness and didn't react, that maybe I'd ultimately win them over.” [39:50]
• Key moment: His birdie at 16 gave him a cushion to win: “That was probably the biggest part of the day … gave me a two-shot lead with two to go… at that moment I knew, alright, I'm for sure going to have a chance on 18 to win this thing.” [40:37]

Personal Highlights

• Remembers his late mother by wearing pink on Sundays; describes the emotional embrace with his father on the green:
  • “To share that moment with my dad on Father's Day was something very special and I'll remember forever.” [41:20]

Thoughts on Golf’s Future

• Supports recent PGA Tour changes aimed at meritocracy and clarity:
  • “I think this kind of two track system is going to bring more meritocracy. I think people are going to understand and make it easier to follow the PGA Tour. … Match play should be a lot of fun…” [42:10]
• On the state of the game post-LIV: “There was some divisiveness when LIV first came around. I think we, we've all learned to live with LIV in its presence. …I think as some of these LIV players are coming back to the PGA Tour is kind of like the final thing.” [43:11]
• Strongly opposes golf ball rollback: “I'm against the golf ball being changed… if we kind of don't have something that separates us from other people, I don't know if it's as entertaining.” [45:05, 46:22]

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Notable Quotes & Moments

• “I love it when you buy something when another brokerage firm downgrades a stock.” — Michael Santoli, on Brown’s Nike buy [09:09]
• “If, if I don't like what I hear, I'll bail. I'll take the L—won't be the first L I ever took.” — Josh Brown [08:57]
• “Stocks are rarely linear for long and I think this is just all part of gravity coming back down.” — Michael Santoli on semiconductor sector volatility [14:18]
• “The higher the momentum a stock has, the lower the conviction the holders.” — Josh Brown [15:04]
• “We love the rocket side… We love the satellites and there's an Elon Musk component here that will pay up for.” — Kevin Simpson on SpaceX [16:32]
• “I think a lot of people are going to look towards [financials] and say aha. Okay, we were shaken out. We had a fake out in March and April. Let's go right back in.” — Brian Belsky [21:47]
• “If you could take away [long driving] … I think it kind of, you know, we're entertainers at the end of the day…” — Wyndham Clark [46:22]

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Timestamps for Key Segments

• 00:58 – Nike: Josh Brown’s contrarian buy and committee debate
• 10:52 – Tech/Micron/semis sell-off analysis
• 16:17 – SpaceX: building a position post-IPO
• 18:36 – Sector rotation; financials and biotechs gaining traction
• 32:27 – Josh Brown’s “Best Stocks in the Market”
• 36:34 – Market tone & macro commentary
• 39:10 – Wyndham Clark interview: US Open win and PGA Tour changes
• 47:00 – Final trades from the committee

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Panel Reactions & Tone

The discussion is brisk and candid, with a blend of technical analysis and contrarian takes. Panelists are unafraid to debate or acknowledge “taking the L” on failed trades. There’s a strong sense of risk awareness, especially when bottom-fishing or sizing into volatile names like SpaceX and Nike. The mood shifts to celebratory and reflective during Wyndham Clark’s segment, before concluding with quick actionable trade ideas.

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Final Trades

[47:00]

• Josh Brown: Citizens Financial Group (CFG)
• Kevin Simpson: Apple (“One of the strongest balance sheets on the planet.”)
• Michael Santoli: FNB Corporation
• Scott Wapner: Travelers

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End of summary

Transcript

[Michael Santoli]

At Edward Jones, we believe rich is more than caring about the latest and greatest.

[Josh Brown]

It's also taking care of what gives your life meaning.

[Michael Santoli]

That's why your dedicated financial advisor meets you where you are with personalized financial strategies that help protect what matters so you can preserve your progress while creating a path forward.

[Josh Brown]

The key to being rich is knowing what counts.

[Scott Wapner]

Let's find your rich together. EDWARD Jones, Member, SIPC it's smart to always have a few financial goals and a really smart one. You can set earning cash back on what you buy every day. And with Discover, you can get this. Discover automatically matches all the cash back you've earned at the end of your first year. Seriously, all of it. And we trust you to make smart decisions. After all, you listen to this show see [e-mail] credit card. 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. Carl, thank you very much. Welcome to the Halftime Report. I'm Scott Wapner. Front and center this hour, the latest in the markets. The chip stock sell off. SpaceX trying to find its footing after a few days of selling. We're trading all of it with the investment committee. Joining me for the hour today, Joe Terranova, Brian Belsky, Kevin Simpson, Josh Brown take you to the market, show you exactly what we're doing. We certainly have come off the worst levels. Dow's positive now. NASDAQ has been the flashpoint of weakness, no doubt all morning long, but those losses are about half as much as they were early on. You're still down about 11 2/3 percent. We're going to get to all of that in a minute, I promise. I do want to start, though with a new buy of a blue chip. I mean, a fallen blue chip. How would you refer to Nike? JOSH brown, I'll let you.

[Josh Brown]

It's the worst stock.

[Scott Wapner]

I'll let you talk.

[Josh Brown]

It's the worst stock in the market.

[Scott Wapner]

Yeah. I mean, you just. Right. The guy who does the best stocks in the market picks what he says is one of the worst and he buys it.

[Josh Brown]

I don't do that.

[Scott Wapner]

Yeah, yeah, yeah.

[Josh Brown]

I'm not a value investor. I'm not a value investor.

[Scott Wapner]

So you bought Nike. Okay. So you bought Nike. It's down 6% this week. It's down 33% year to date. It's down 50% from its all time high. Tell me more.

[Josh Brown]

I took half a position. If it comes down another Couple of bucks. I'll, I'll take the other half and then we'll see what happens. I don't, as a, as a rule, I don't spend a lot of time on the 52 week low list. Certainly I'm not looking for stocks that are trading at 11 year lows. But that's where Nike is. This thing is trading where it was in 2015. There are a lot of good reasons why not worth spending time on it. Everybody understands the negatives. The China business is a mess. There's a ton of competition. They've had some missteps on, on some of their sub brands. Overreliance on the Jordan franchise, Air Force one, Air Max 95. Like we all, everybody on this desk, everybody in the building you're in, judge can go through the litany. I understand all that. The stock is at its worst drawdown ever since coming public. Ever. 73% below highs. Now you might say it should be okay. Well, it is. So congratulations, you're as good at reading news as I am. It is however, looking like some people are coming in at this level routinely. It bottoms here in April and so far that bottom seems to be holding. So maybe, maybe there's a trapdoor and the real bottom is 32. I don't really know. But what I will tell you is this. This stock has not had a positive year since 2021. It's been down five years straight. It's been annualizing at negative 19% a year, annualizing at negative 1% a year for the last decade. This is very, very rare. And they report a week from today the earnings will be terrible. Okay, Everyone knows that though. That's what's in the consensus forecast. 2% decline in revenue year over year, 13% decline in earnings. But let me get, let me get to my point. There's big insider buying in this stock in two waves. In December of 2025, Tim Cook. Yes, Tim Apple, who is a board member, bought 50,000 shares, increased his own stake by 90%. Another board member, Robert Holmes Swan, bought 8,700 shares. Elliot Hill, who's the new CEO, bought 16,000 and change shares, which is $1 million open market purchase. And then in April they bought again. Tim Cook bought 25,000 shares at $42 and Hill bought another 24,000 shares at 42. So these are people who have operational insight into what's going on in the business and what I can tell you. I might be early. I think they nailed it with the NBA playoffs and the Knicks. I think they had the shoes ready. They had Timmy Chalamet. They had the celebrities wearing the shoes. And here's what they're doing differently. Rather than a drop where the robots just buy all the sneakers to sell on a stock X. And everybody's pissed off. At Nike, they did pre orders for the first time. They did an Air Force One exclusive with Foot Locker. They did an Air Max 95 Knicks with kith. And then they did. They did another one which I think will be the biggest seller, the Air Jordan 3, which is right now listed at like 700 or $800 in the resale market. The shoe isn't even coming out for months. This is a change in go to market strategy. And I think the fashion is ahead of Wall Street. I could be wrong. I think the fashion side of what Nike is pulling off is ahead of the sell side and the discounted cash flow.

[Scott Wapner]

Guys, let me raise some, some points that evercore. For example, raises today. They downgraded the stock today. Okay. And they worry about the risk of another cut that they'll have to potentially signal consensus lower again in the near term. The point being, as far as they see it, according to their recent checks, that the time frame for a turnaround could get pushed out yet again. How much of a risk. Do you see that in your thesis here, which you suggest? Well, everybody knows what all the issues are. Their point is. Well, they may know what the issues are, but they may not get any better anytime soon.

[Josh Brown]

Right? I don't think you need those issues to get better anytime soon, quite frankly, and I don't think they will in this quarter that we're in. But I think they're nailing the World cup moment. And I think that again, I think they nailed the NBA Finals. They had products ready. Happens to be a city where 20 million people care about the team. So that's a. That's better than San Antonio winning and then them having a shoe with the French prince. All right, so that's. That's out of the way. They actually might have nailed what the tech people would call product market fit. So I don't think that those issues are fixed anytime soon. I like the CEO buying open market. I like Tim Cook, another board member, buying open market. I like a setup where the Stock is down 75% from a tie. If they have another bad quarter, no one's going to be like, oh, my God, did you see what Nike just said? Everybody knows. Everybody knows. So I could be wrong that maybe they missed. They give negative guidance again. The Stock drops to 25 and I'll be eating spaghetti O's. I'll lose all my money. Okay. I'm willing to accept that risk.

[Scott Wapner]

Okay, so let's kick it on the desk.

[Brian Belsky]

Here's what I'd like to hear from Josh. It is much easier to manage the risk in a stock that is quote unquote a best stock in the market. Why? You could rely on price. You could basically say, price falls by X percent. I'm out of it. It's more difficult to manage a stock that's wallowing at the bottom that's down 60 plus percent over the last five years. So. So, Josh, is it price? Is it time? You're going to time stop, you're out of it. Tell us how you're going to risk manage this name.

[Josh Brown]

Well, for starters, I took half the size position that I ultimately want. So I'm giving myself a little bit of grace and you know, if I, if I miss it and the thing that runs back to 4748 or I have a half position, but if there's another couple of bucks lower here, earnings related or not, I have the ability to lower my average price. So that's number one. Number two, the position size within the grand scheme of my overall portfolio, it is not going to change anybody's life. It doesn't matter that much. So it's a combination of position sizing just in general and then the actual purchase process. Not waiting in here and saying no after 10 years. I've decided today is the bottom. I don't, I don't think that way. I don't think I have that ability. So that's, that's the answer to that question. Will I just hold it endlessly? No, I'll, I'll. If, if, if I don't like what I hear, I'll bail. I'll take the. I'll take the L won't be the first L I ever took.

[Michael Santoli]

We've had the chance to talk about this stock on this show for several years because we've owned it on and off in our value portfolio. Scott, we bought it a year ago, sold it in January because we believe that the company still operationally broken. And so all the news is out there that Josh talked about, about all the competition, all this kind of stuff. So my question for Josh would be as a Valley investor, either onto something or on something because you got to think differently. It's very contrarian. You have a contrarian positive, by the way, Josh, that someone downgraded it to today. I love it when you buy something when another brokerage firm downgrades a stock. But how are you convinced just from insider buying that operationally it's fixed? Because what we were hearing was focus on our core businesses and then they didn't focus on their core businesses. So how long do you think it's going to be? Is this going to be six to 12 months?

[Josh Brown]

I don't see myself in the stock 12 months from now. And I'm not convinced that they've completely fixed the company. I mean, the market would be so wrong if they had really gotten all of their problems fixed. I'm just willing to bet things are pretty bad and there's not going to be a huge penalty if it turns out things are worse. Whereas God forbid, God forbid, they have something positive to say about the second half Christmas. Some of the newer products they put out, the preorder thing that I talked about, if they have anything positive to say, nobody likes it, nobody's long. So to me it's more of a risk reward thing. It's not me knowing better than the stock market about the operations of Nike. How could I possibly.

[Scott Wapner]

Okay, well, it's an interesting new one. We'll certainly see how it plays out and we'll be right there to discuss it certainly over the next a handful of weeks, months, however long you're in the name back to the market at large, which is, as we said, off the lows still read mostly other than the dow, but the NASDAQ's the, the real point of, of concern today, especially in the chip orbit. Microns down again. Earnings are tomorrow. That's critical. SK Hynix out of Korea, down again. There's Qualcomm, SanDisk, etc. The memory trade is the one that we keep focusing on. Kev, what do you think's happening in the market here? You have Micron and it's, it's down, as we said, substantially heading into a really critical earnings sprint.

[Kevin Simpson]

And I think it is a critical earnings sprint. And I think what I'll be looking for, Scott, is the guidance more than anything. The reason the stock doubled is pretty basic. The earnings double. So now we have to look into the future and see what those earnings look like not just for 27, but for 28 and beyond. And if they're good, the stock can move higher. I don't think it's unusual to see a little air pocket here. Part of the reason the tech trade selling off isn't a Micron story. I think it has a lot to do with just going from One risk, which was geopolitical Middle east. Now to something that's a little bit more interest rate sensitive which is going to affect tech stocks more broadly because you're paying for future earnings. Generally you're trading up on a multiple scale. I think Micron's numbers are going to be really good.

[Scott Wapner]

You think Micron's trading lower because of interest rates?

[Kevin Simpson]

I think so, absolutely. I think the whole tech trade is off a little bit because, because of interest rates not coming down. Part of the thesis was that going into this year the Fed was going to cut rates 1, 2, 3 times. And I've been saying for probably a month or two that it's going to be years before they can cut rates. Now they don't have to hike rates. But higher for longer puts pressure on the tech trade. Otherwise it would be a Micron story and the rest of the semis and the rest of the tech trade would be higher. But when we see this kind of shift and it's not a big deal, I don't think rates are going to be much higher. I'm not expecting a hike cycle but I think that you're seeing a little pressure on technology very specifically because of interest rate pressure.

[Scott Wapner]

You buy that?

[Brian Belsky]

I think the market is just very sensitive to rotating position. You have Micron earnings tomorrow overnight. Cosby down 10%. SK Hynix down 10%. Samsung down 10%. Guess what? All of these stocks yesterday, these memory stocks, these semiconductor stocks, we were sitting here 24 hours ago, we were talking them being at all time highs. We were talking about KLA Corp, Applied Materials, Lam Research. Those stocks rolled down 10% today. So what did that do? That broke the fever in the momentum factor. The momentum factor had been driving the market over the last several days when components of technology were actually beginning to break down. Just yesterday the momentum factor made a new all time high. So this is nothing more than I as I see it as relief from extreme positioning as it related to those momentum factor areas. Look, today financials are higher. Guess what? The momentum names, Interactive Brokers, Goldman Sachs, Morgan Stanley, they're down. This is a recalibration towards momentum.

[Michael Santoli]

Yeah, I think the real problem that people are understanding on this is that it's never different this time. And as a sector strategist for years and years and years, you know, the chips remain the most volatile earner of all the semiconductor names and all in memory chips in Micron in particular, number one.

[Scott Wapner]

So the market hasn't been treating them as. No, it has been treating them as a guaranteed Earner.

[Michael Santoli]

That's why it's never different this time. So I caution that. You know what's really interesting though, the stock market is a market of stocks. And if you take a look at the Russell 1000 Value stock index in the technology sector in Russell 1000 Value, it's up 101%. And big, big part of it is Micron and some of these down and out names before that. So I know Santoli talked a lot about the repositioning of the indices can be really important at the end of this quarter. But stocks are rarely linear for long and I think this is just all part of gravity coming back down. And they better crush the earnings tomorrow or they're going to have to. It's going to prove what the reality is. And the reality is these earnings remain volatile.

[Scott Wapner]

Josh, what do you see here when you look at these names and now how volatile they've they've gotten?

[Josh Brown]

I'm going to tell you the one thing that nobody has ever said about momentum stocks, but it's absolutely something that I've learned over 30 years on the street as being one of these elemental truths. The problem, Every investment strategy has a problem. Okay, so we talked about Nike. The problem with value investing is that the fundamentals deteriorate just when the stock looks cheap. This is the other version. The problem with momentum is that the holders are low conviction. So the higher the momentum a stock has, the lower the conviction the holders. Why is that the case? Because they're in the stock to begin with. Primarily because the stock's going up. So once that stops and goes into reverse, they're not like looking up the 8K and trying to familiarize themselves with, you know, the cash flows. They sell it. So, you know, you have a lot of people that are in these names not because they don't like the business or the company or the founder or the CEO, but primarily I bought the stock because it's going up. And I want to own a stock that's going up. And once that goes into reverse, there's no conviction there, which exacerbates the sell offs. And if you don't understand that, you shouldn't be in these names to begin with.

[Scott Wapner]

You know, the other story I wanted to get to is Space X, which is, as we said, you know, trying to find its footing a little bit. Had a great ipo, clearly down three days in a row. Stocks now green. Kevin Simpson. You bought more of it. When did you do that and why?

[Kevin Simpson]

So we talked about this at the close on Friday and We took a small position. This is a stock that we're not trying to trading for a week or two. Everything that Josh said about the retail momentum trader is accurate. Anyone that was in this name for the pop is out of it because it's rolled over. Obviously it's not 210 or 213 back here in the 150s, 160s, this is a better entry point. But I don't know that this is over. There's going to be tons of dilution on this thing as it comes off of restriction, off of lockups. We took a small position Friday. We bought a little bit more yesterday. I know that there is. You talked about it yesterday, Joe. In terms of valuations and fundamentals, there's a 24 year old company. I think there's some fundamentals here that make sense, but the valuations are off the chart. If you're looking at it from that perspective, then wait for the stock to get lower. But we love the rocket side of the equation. We love the satellites and there's an Elon Musk component here that will pay up for. But I'm going to build this position out over the next six months in our growth strategy. And you unique to me, the volatility that's in this name will allow me to write options against it and I'm going to write tons of premium, that's for sure. Whether or not the Stock goes to 120 or 220, you know, time will tell, but I'll be looking at that over the next year or two, not the next week.

[Scott Wapner]

Susquehanna initiates it today. Neutral 170s price target. You don't have it, you don't want.

[Michael Santoli]

No, we don't own it. We own Tesla. That's been our call for the last six months. We're going to wait and see what happens there.

[Scott Wapner]

But I think you're playing for, for a merger between these two.

[Michael Santoli]

We are, we are. And what's interesting is that I think there's such a dichotomy of what's going on with the stock right now. Typically and historically I've not purchased IPOs until a year that they're in the public marketplace because of exactly what's going on here now, the accelerated impact of this stock going into indices. It's a different ball game there. And I think the biggest problem with how you're going to be Putting this stuff1, indices FactSet has it as a communication services stock. The NASDAQ has it as a technology stock. So we don't know exactly it's going to be in the technology stock. So at the end of the day, this is a name we want to own longer term. But not yet. I think it goes lower.

[Scott Wapner]

All right. Looking elsewhere within tech today, Apple's green, Microsoft green, Amazon green. A lot of the software names are green. Nice day service Now Salesforce Force has was down like 14 days in a row. Green Palo Alto crowdstrike. You sold Twilio.

[Brian Belsky]

I stopped out at Twilio. That's not a willing sale.

[Scott Wapner]

Okay.

[Brian Belsky]

That's, that's a very disgruntled sale and I'm sure Twilio moves higher from here. That's how the game works at the

[Scott Wapner]

beginning of the month.

[Brian Belsky]

Reached too high for it. It was a stock that was significantly outperforming the rest of its software peers. I think what we're seeing today speaks towards the positional rotation that I began the show talking about. You're seeing software moving higher, you're seeing the Mag 7 move higher. The trillion dollar companies, let's keep in mind over the last five days they've been the drag on the market, right. It's been Microsoft, it's been better. That has been down. So as it relates to Twilio, I made the mistake of reaching towards the all time high. To take ownership of the stock you have to risk manage the position. I lost 18% on this trade. Not happy about it. What I'll do to comfort myself is look back on my prior trading of the last 10 years in Twilio and see some positive trades. But that doesn't really alleviate some of what I'm feeling right now.

[Scott Wapner]

Okay. Elsewhere in the market, Russell coming off a new record high was above 3,000 for the first time ever. It's a little bit below that. Rebalances this Friday that's going to be key. Got to keep an eye on that because some of the biggest gainers may be bounced in that rebalance. Financials play a role in there, certainly the regionals. Josh, you bought Citizens Financial Group. Tell me more about that.

[Josh Brown]

Yeah, so I talked, I talked about the stock a week or two ago. We had written up a bunch of financials as part of our best stocks in the market commentary at CNBC Pro. And I highlighted this along with a couple of other banks and decided to pull the trigger on this the other day. It is within 1% of a 52 week high, give or take. It might be making a new high right now. RSI 66 not overbought. It's about 6% above its 50 day. 16% above its 200. So we're not buying a very extended stock that's been rallying and rallying and rallying. What's actually happening. Pull this chart back a little bit while I talk. What's actually happening is it's taking out prior resistance which was here. You can see it very clearly. 6869 had been resistance really going back to the beginning of the year. A lot of the financials look the same. They came in due to the Iran war. They've since been fighting back. The rates picture has been murky, blah, blah, blah. But this is a stock at 10 times earnings with 35% earnings per share growth expected this year, 23% growth next year. I think it's mispriced. I think the market's recognizing that and the breakout is evidence that I'm on to something. Other people agree with me. So I don't know how high she can get. I'm long. I'll probably put a stop it at some point and we'll see what happens.

[Scott Wapner]

You still have this. You had a ton of regionals. Are you.

[Brian Belsky]

Yeah, we've reduced our regional positioning somewhat. But I like what Josh is doing here and I think, Scott, so you

[Scott Wapner]

know, you don't have this one.

[Brian Belsky]

We don't. We've had that one in the past. That's correct. Correct.

[Scott Wapner]

Right. I thought. Okay.

[Brian Belsky]

But I think it's indicative of how I think Josh's move is the. Is the right one. Brian, you and I have talked about this past. The beginning of the year's financials. Really popular, very strong holding in our momentum etf. We reduced positioning significantly in April. Scott, what I'm seeing now is rebuilding and positioning in financials. If I could. CBOE is a name I established a personal position in today that's buying what of the exchanges. That's rebuilding the position for financials. It's the reason last week I went back into JP Morgan as well. I think a lot of people are going to look towards this sector and say aha. Okay, we were shaken out. We had a fake out in March and April. Let's go right back in.

[Scott Wapner]

That's your space. I mean it started to look better for sure.

[Michael Santoli]

Yeah. Financials, financials, financials. But the other thing too about the Russell 2000 man, the kind of outperformance. So if you break it apart and you look at The S&P 600 versus the the S&P 400, the S&P 600 is up 20% year to date. And a big part of that Scott is a lot of these awesome financial companies. We're overweight financials in our small, small mid cap portfolio. The citizen call is amazing call. There's probably 10 charts that look like citizen within the small cap banks. And we think going forward as the market, yeah, we're believers in the broadening out small mid cap banks are going to be part of the consolidation play and they're going to benefit from less regulation as well over the next six to 12 months.

[Scott Wapner]

All right. The other area getting a lot of attention these days, Biotechs one of the hottest groups according to wolf trading at 5 year highs. All time, all time highs are in sight. We think the group will continue trading higher from here. Kevin, you bought more Amgen, you bought more abb. Joe bought the xbi more of that. But tell me about yours, Kevin.

[Kevin Simpson]

Yeah, I mean I think there's a lot of opportunity here. These are both names trading at 415 times forward earnings. So you're not overpaying. You're looking at a sector that's been somewhat out of favor but getting and garnering a lot of attention. And one of the things that I like best about the space, Scott, is I think this is an AI adjacent play. If we think about where you can actually monetize artificial intelligence, this is an opportunity both for pharma, for biotech to bring products to market, to go through testing cheaper, faster, better. And I believe that this is one of the first sectors that's really going to be able to prove positive what I can do for humanity. So totally psyched about these trades.

[Brian Belsky]

XPI. Since April 1st, inflows into the XPI have now totaled 941 million. That's an 11% increase. 448 million yesterday, three consecutive days. There is evidence that positioning is returning to that biotech ETF. I think it goes to the federal 2021 high at 174.

[Scott Wapner]

Okay, we'll take a break. When we come back, our calls of the day. Plus Josh Brown's best stocks in the market. And later, our halftime headliner, the US Open winner, Wyndham Clark. He'll be live here at post 9. I hope he's bringing the hardware. Talk to him about his win. Coming up,

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[Scott Wapner]

Also the day GE Health Care outperform 80 bucks at RBC.

[Brian Belsky]

Joe T. It's a recent acquisition for us in the ETF. It's the spin off from GE in 2023. Talking about mid single digit growth here for this company. I think if you're owning this company today you're believing in two things. Number one, the ability for the health care sector to take a leadership role role overall in the market and secondarily the significant R and D that they are spending to bring in technology and advance that technology that will grow revenue beyond the single territory.

[Scott Wapner]

Double digit teams target upgraded to outperform. Brian Belsky Top pick is Minneapolis favorite company 162 it will.

[Michael Santoli]

That's right. All comes back back to Minnesota does it always does. It really does. I mean you think about this stock, it looks like it used to look like Nike does now. I mean operationally broken but got new management, new vision. They've delivered on their earnings. I think this is a stock that is a massive turnaround and it's going to really help those investors. Scott get back into consumer staples which is an expensive sector. But this is an alternative to both

[Scott Wapner]

Walmart and Costco Depot downgraded peer perform from outperform at Wolf Kevin, you take that.

[Kevin Simpson]

Yeah, I agree with the call. I think peer performs the best we can hope for. If you think I'm wrong about interest rates, it could be an interest rate hedge in a lower interest rate environment. But the housing rehab market is it's temporarily frozen for sure but it's not broken. Home Depot is also in the Commercial side of things. We own the stock. I don't know that you need to follow us into it here but eventually you'll see a turnaround and I like the call and I'm comfortable with hanging on to Home Depot.

[Scott Wapner]

Celsius Target got cut. Bells feed of 48 from 55. Morgan Stanley still likes it but they lower their estimates.

[Michael Santoli]

Have Celsius on the way to the show here today. I own it.

[Scott Wapner]

It's not doing anything to support the stock, obviously.

[Michael Santoli]

It really isn't. It's a great company and it's one of those. It's one of those things where you want to buy scarcity and sell capacity and this is one of those names that are the only one in the space that is doing what they do. We love it longer term. We think Gen Z is really going to be driving the volumes longer term.

[Scott Wapner]

All right, take two interactive 368 is the new target. At B of A says buy it. You own that one too.

[Michael Santoli]

Grand Theft Auto, it's all you need to know. And plus too this is helping I think in the communication services sector, Scott, where you're starting to see more and more rotation into the gamers again and I think it's going to help that sector move higher.

[Scott Wapner]

Why is it down 4%?

[Michael Santoli]

I think partially it is because a lot of investors have taken money out of communication services and into tech. And so part of the reallocation has been we're kind of waiting around. They know we know when the game is coming out. So again the short term nature of investors are going to buy this stock later in the year.

[Scott Wapner]

All right, Angelica People says it's CNBC News update for us. Hi there. Hey Scott. The Justice Department is expected to unveil charges against about 450 defendants for alleged health care fraud totaling more than $6.5 billion. That's according to the Wall Street Journal. Officials said the operation spanned 41 states and called it the DOJ's largest coordinated anti fraud effort to date. The charges include Medicaid and hospice care fraud. And in a new report, federal investigators found that the condo building that collapsed in Surfside, Florida five years ago and killed 98 people was falling for weeks before it collapsed. Investigators say they believe that the two

[Commercial/Announcer]

columns that held up the pool deck

[Scott Wapner]

began to fall in early June 2021 as a result of faulty construction and flawed design. And President Trump posted on Truth Social that six people have been arrested and

[Commercial/Announcer]

seven people cited for damage to the reflecting pool.

[Scott Wapner]

He said without providing evidence that vandals made lashes that amounted to a 350 foot gash in the pool. The President told reporters yesterday that blooms of algae and peeling paint had nothing

[Commercial/Announcer]

to do with the makeover that he ordered.

[Scott Wapner]

Scott, back over to you. Okay, Angelica, thanks. Coming up, Josh Brown's best stocks in the market. He's revisiting three winners on that list. The names are next.

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[Scott Wapner]

Welcome back. Best stocks in the market according to Josh Brown Today, the spotlight is shining.

[Josh Brown]

Where well, these are names that I've been talking about on this segment over the last year. So we revisit this just to kind of give people an update on price action and where stops and risk management should be should be moved to interactive brokers we talked about a year ago last July. Stocks up about 61% since then versus 20% for the S and P. The fundamentals are following through on what Price was already telling us. Margin loans are up 40% to 90 billion. All sorts of trading activity happening on the platform. The markets have been in full swing. If you want to stay long, this name I would use. If you're a trader, I would use 88 as my pivot point. If you're an investor, a little bit more risk tolerance 83. That's where the 50 day is currently providing support. There have been two pullbacks and both of them in that $83 area were bought immediately. Let's do Cat. We talked about this theme for the first time in April. Stocks up 20% since then versus the S&P up 5. It was higher last week but it's still a pretty decent sized winner. And if you want to stay long, this name what you're betting on is the continued capex build out. The CEO says Caterpillar is the invisible layer of the tech stack. Large engines, turbines powering data centers, 247 electricity, etc. Traders can use 940 here, which I think gives you a little bit of wiggle room but not too much if you're an investor. I like the rising 50 day which is 873. That's been a very well established level of support as you can see in the chart that they're showing you on the screen right now. Forget about the 200 day, it's at 670. Way too far removed from the current price. Not a useful reference point. Last but not least, let's do Delta. We talked about the stock on December 8th. It's had a pretty good run since then. It's been choppier than the other two but still in an uptrend. No reason to have gotten out of it and I still like it. This is the top of the K. They cater to the business traveler, the upper middle class traveler, the wealthy traveler that is willing to pay the full freight for luxury, convenience, etc. It's a great business. Way better business than Spirit Airlines. RIP traders can use $75 as their stop here. Investors can use the rising 50 day again and that's at 74.

[Scott Wapner]

Okay, Cat, Kev, take that one first.

[Kevin Simpson]

I love Josh's call on Caterpillar. We've owned it for 10, 15 years. The market's seeing everything we see. This isn't a cyclical industrial company. I use the term adjacent. And talking about biotech, this is adjacent. They get paid and the stock is something you can hold as an investor for a long time.

[Scott Wapner]

Joe Interactive.

[Brian Belsky]

Interactive Brokers is a long term holding for me. We're in it at $43. When I say we, I'm in it at $43. The ETF has had it, it's not in it. Currently, Interactive Brokers continues to gain market share. Everything that Coin and Robinhood are trying to accomplish, Interactive Brokers has already accomplished it. You're seeing a lot of the retail community besides the strong foothold they have at Institutional now utilizing the platform.

[Michael Santoli]

You could be a weak.

[Scott Wapner]

You want to.

[Michael Santoli]

You could Pull off the we.

[Wyndham Clark]

We. Okay, we.

[Scott Wapner]

You and I will say that.

[Michael Santoli]

Okay, Belsky, Delta, top of the food chain, man. Best airline, consistent category killer. You know, a lot of people forget they bought a refiner a decade ago and so that's kind of mitigated their fuel risk. And it is by far the best airline.

[Scott Wapner]

Okay, we'll take a break and we're back with more after this.

[Wyndham Clark]

Foreign.

[Scott Wapner]

We are back. Senior markets commentator and overtime co anchor Michael Santoli is here at post 9 taking a look at whether. Is this a prolonged market pause? What is this that we're.

[Brian Belsky]

What's interesting is it's already been like six weeks if we want to look at the S&P 500. In other words, that's when you first got above 7,500. Today's pullback shows you it's still kind of containing any threat from, you know, the most overheated group in the market. Coming in a little bit bounce off the 50 day moving average like it was, you know, completely preordained. And you know, we have positive breadth. You know, I don't think a broader market is a savior. Small caps leading is more of a source of volatility than it is reassuring. In this instance, we've got some things to get over, not just Micron and PC, but kind of the month end churn and rebalancing and also quarter end. But so far markets are giving you a specific reason to say that something's changed.

[Scott Wapner]

Honestly. Yeah, I mean you made the point yesterday. I think it was multiple times that rotations just, they're just not pretty sometimes. I mean, they're just not. And you just have to accept that some violent movements of money out of high flying names into other areas of the market aren't going to look or feel great.

[Kevin Simpson]

Sure.

[Brian Belsky]

Exactly. And you know, the more air you put under the leaders, arguably the more disorderly you can get. On the, on the downside right now you're letting the air out with a valve and not with a pinprick. So we'll see if that can continue.

[Scott Wapner]

All right, good stuff. I'll see you. Coming up on closing bell, that's Mike Sento. Coming up next, the headliner, the 2026 U.S. open winner, Windham Clark. He's in the house. He's got the hardware. He's on the set with us next. Well, what a moment that was. With his wire to wire win at the US Open this past weekend at Shinnecock, Windham Clark became only the ninth player to accomplish that feat. It was also his second US Open title following a win in 2023. He is here at post nine. I was hoping that you'd bring the hardware and in fact, you did. Welcome.

[Wyndham Clark]

Yes, thank you.

[Scott Wapner]

First time at the stock exchange?

[Wyndham Clark]

First time, yeah.

[Scott Wapner]

What do you think of this place?

[Wyndham Clark]

It's pretty cool. I mean, I've watched you guys before and obviously movies and whatever and other players that have come here, so it's cool to finally be here.

[Scott Wapner]

First question you asked was, what's the market doing today? So you must have some interest somewhere. Sofi, you said, is one of your sponsors.

[Wyndham Clark]

Yes, yes. And I see they're. They're moving up. Nice.

[Scott Wapner]

So take us through this. You know, Shinnecock is a bear. I mean, you had to face the elements and then other elements. And you were very open about that after you won, about how the crowd treated you. And you managed to make your way through all of that. Tell me more about that.

[Wyndham Clark]

Yeah, I mean, the fans were kind of against me, but, you know, I embraced it and was hoping that if I showed them love and kindness and didn't react, that maybe I'd ultimately win them over. But yeah, definitely. Mentally, it was a tough challenge. I mean, Shinnecock's very difficult, and that was a challenge in itself. And then dealing with the fans was tough, too. But fortunately, I have a great team around me. We kind of prepared for it. And so when I was getting hit with, you know, certain chance or the golf course was, you know, giving me a beating. I was able to rely on my process and the things I work on.

[Scott Wapner]

It looked like it was going to give you a good beating on 16. You drove it into the fescue and then you pull off this miraculous shot and then make the birdie putt on the par 5. Was that the moment that you could exhale even a little bit, or no?

[Wyndham Clark]

I mean, yes. That was probably the biggest part of the day, was making that putt going. Cause it gave me a two shot lead with two to go. You know, unfortunately, I followed it up with a bogey, which then made it a little more stressful. But at that moment I knew, all right, I'm for sure going to have a chance on 18 to win this thing. And that was definitely the base point for me.

[Scott Wapner]

You wear pink on Sundays in remembrance of your mom. She passed way too early in her life and obviously yours. I think one of the greatest moments of the entire weekend was your dad surprising you on the green. I saw you. They mentioned that he was there, that you didn't know he was there and we saw you embracing everybody on your team and then out of nowhere your dad shows up. Take me through that beautiful moment. And that hug right there.

[Wyndham Clark]

Yeah, it was. You know, he's never gotten to see me play or sorry, see me win in person on tour, obviously in college and growing up. And he's watched me play a ton, but he's never been there for my wins. And so, you know, to see him, I didn't even know he was there, to be honest. And right in that moment, I knew it. And to share that moment with my dad on Father's Day was something very special and I'll remember forever.

[Scott Wapner]

Yeah, he was, he was certainly touched to be there. That embrace looked really, really special on tv. There was news made today regarding the PGA Tour, which you obviously know about that the new CEO, Brian Rolap, and now soon to be commissioner, announced today a two track system championship series Series Challenger Series Match play is going to determine the year end champion. No sponsor exemptions. That's big. What's your take as you've had a chance to hear about this?

[Wyndham Clark]

You know, I have to applaud Brian and his team. They've done an amazing job. He came in, asked all the players their thoughts what they do like and don't like of the tour and he really did it. He went to everybody and then I think he's bringing in a different perspective that maybe previous people have had on the PGA Tour. And he's done an amazing job. I think this kind of two track system is going to bring more meritocracy. I think people are going to understand and make it easier to follow the PGA Tour. And then match play should be a lot of fun to watch for people to go down the wire and play head to head against somebody to win, you know, the big prize at the end. So I think, I think it's great. The tour is in an amazing spot and he's one of the main reasons.

[Scott Wapner]

Yeah, I was going to ask you, I mean, how do you think the state of the game is given all that's happened with Liv and now you have a new CEO, soon to be commissioner and you've rolled out these new changes. And we saw Tiger today, who's been an integral part in all that, saw him speaking publicly for the first time since he has gone through his latest issues. Is the state of the game good?

[Wyndham Clark]

I think it's amazing. You know, I think there was some divisiveness when LIV first came around. I think we, we've all learned to live with LIV in its presence. But I think you see the game growing at all levels. You're seeing new athletes get into it. TV shows left and right, we're talking about it at all levels. And then I just think the tour has made an amazing push to get better and improve their product. And I think viewership's at an all time high. So Gols integrated spot and I think as some of these live players are coming back to the PGA Tour is kind of like the final thing. And I think, you know, two, three years from now, we'll look at maybe what happened was the best thing for golf and it pushed us into a better direction.

[Scott Wapner]

When you're around Those guys, the DeChambeaus, the Roms of the world, you guys talk about sort of what life's like on that tour, what's what life is like on the PGA Tour. Why don't you guys come on back into the fold and we can all be in one big happy family again.

[Wyndham Clark]

Yeah, I mean, we definitely, you know, I play golf at home with John Rahman. We both ask questions and, you know, then we joke about certain things. But I think we're all kind of tired of the talk, to be honest. I think everyone just kind of settled in where they're at. We're just playing, you know, we play our tour, they play their tour, we meet up at the majors. But it would be interesting to see what happens with Rahm and, you know, DeChambeau and these guys that potentially could come back.

[Scott Wapner]

The other piece of news that was made this week, we were out at Shinnecock, you know, on Thursday, and we, we discussed it with the USGA CEO Mike Wan was the, the pushback of the rollback we were calling it, right. The changes to the golf ball. You hit the ball more than 300 yards off the tee now you're not in the top five of longest hitters, but if you hit it 300 yards plus, you hit the ball a long way. Do you think the golf ball needs to be changed to, to, to prevent some of the longest hitters I, I

[Wyndham Clark]

am against the golf ball being changed. I've tested it many times and there's actually, when I did it, my characteristics of how I hit the golf ball. I didn't lose hardly any yards versus some guys lost 10 to 15. So now you're almost making a bigger dispersion of long hitters to short hitters. And at the same time, guys are just going to get faster, stronger, and hit it harder anyway. So I think maybe, you know, there could be Like a driver change or. People just understand that, like, golf's become a really athletic sport. We're all. We now have devices to measure how far the ball's going. We're all in the gym. We're all doing whatever we can. So maybe they should just put some restrictions on some club stuff or change the way we design golf courses. Make it a serious precedent to hit fairways and not distance. They keep making courses longer. That's only going to make us hit it farther and swing harder. So I think maybe there's some adjustments. So I. I'm definitely kind of against the golf ball change.

[Scott Wapner]

And you've made that point of view known.

[Wyndham Clark]

A lot of guys have. I mean, I think a lot of guys on the tour just don't. I think separating the game from the amateurs just doesn't make sense. I mean, people come to watch. Like in the NBA, people go to watch the NBA because they can dunk and do so stuff. People can't. They come watch us play because we can hit over 3, 300 yards, and maybe they can't do it.

[Brian Belsky]

You take that away.

[Wyndham Clark]

I think it kind of, you know, we're entertainers at the end of the day, and if we kind of don't have something that separates us from other people, I don't know if it's as entertaining.

[Scott Wapner]

You guys do a lot of things on the golf course that us mere mortals can only dream about.

[Brian Belsky]

Please don't change the golf ball.

[Wyndham Clark]

Yeah, well, especially for you guys.

[Brian Belsky]

Like, I don't want to hit it 150 yards.

[Wyndham Clark]

No, no.

[Brian Belsky]

Exactly.

[Wyndham Clark]

And either do we. So. Yeah, I hope they don't.

[Scott Wapner]

Congrats, man.

[Wyndham Clark]

Enjoy it. Thank you.

[Scott Wapner]

Enjoy that. All that comes with. That's Wyndham Clark right here at post 9. Finals are next. Final time. Josh Brown, what is your final trade?

[Josh Brown]

Cfg.

[Scott Wapner]

Thank you. Kevin Simpson, Apple.

[Kevin Simpson]

One of the strongest balance sheets on the planet.

[Michael Santoli]

Bell's FNB Corporation.

[Scott Wapner]

Travelers. I like a little F and B. Right now.

[Wyndham Clark]

I'm a little hungry.

[Scott Wapner]

All right, I'll see you at 3. You've been listening to CNBC's Halftime Report, the podcast. You can always catch us live weekdays at 12 Eastern only on CNBC.

[Commercial/Announcer]

All opinions expressed by the Halftime Report participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates as and may have been previously disseminated by them on television, radio, Internet, or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Such opinions are based upon information the Halftime report participants consider reliable. But neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Halftime Report disclaimer, please Visit cnbc.com HalftimeReportDisclaimer

[Brian Belsky]

Celebrate America's 250th with Dish for a limited time, get an extra $250 off when you sign up. Call 888-add-H dish or visit dish.com today and use code DISH250 to claim your $250 savings. That's 888Add Dish offer ends August 12th.

[Kevin Simpson]

Terms apply.