CNBC Halftime Report Podcast Summary

Episode: How to Trade Around the Hot Jobs Report
Date: February 11, 2026
Host: Scott Wapner
Guests: Joe Terranova, Carrie Firestone, Jenny Harrington, Brian Belsky

Episode Overview

The February 11, 2026 episode of CNBC’s Halftime Report focuses on market reactions to a better-than-expected jobs report. Host Scott Wapner and a panel of top investors dive into the ripple effects: lower stocks, rising yields, cooled rate-cut hopes, and frenzied sector rotations. The conversation is rich with takes on market volatility, earnings dynamics, tactical trading moves, the influence of AI, and evolving investment strategies for 2026. The panel shares their recent trades and provides deep dives into both macro and micro market drivers.

Market Reaction to Jobs Report

Jobs Data and Volatility

• Scott Wapner (01:04): Opens discussing lower stocks after “that better than expected jobs report,” with higher yields and declining hopes for rate cuts.
• Joe Terranova (02:03): Frames the reaction as secular, not cyclical:
  “Bond market volatility is calm. That’s good for risk assets. What’s troubling the market today? I think it’s a little bit of a rollover in crypto.”

Market Frazzle and Emotional Responses

• Jenny Harrington (03:00): Stresses long-term perspective over short-term panic:
  "Weeks like last week, they can make you behave very poorly. ... If you take the approach that I do, where you say I tune out the short-term noise, I focus on the horizon..."

Perspectives on Market Expensiveness & Earnings

Debate on Valuation

• Scott Wapner (03:52): Highlights contrasting views—Tony Fascarello at Goldman Sachs calls the market "noisy" and "wide open," David Einhorn says it's the “most expensive market” ever and expects the Fed to cut rates much more than priced in.
• Carrie Firestone (04:27): Balances both views:
  “There are many reasons that [the market’s] expensive. One of them is because there aren’t as many stocks to buy… Is there a reason to be particularly concerned? That’s a more important factor.”

Earnings: Aggregates vs. Components

• Scott Wapner / Jenny Harrington (06:08): Debate whether strong reported earnings mask divergence beneath the surface:
  Jenny: "There’s a few big things that buoy the whole thing up. ... You look at the other 493 [S&P names], it’s not as rosy."
  Scott: “Earnings have been pretty good…” - challenging Jenny’s skepticism.

Transition in Market Structure

• Brian Belsky (07:10):
  "We’re in the process of transitioning in this fourth year of the bull market from a momentum multiple-driven market to an earnings-driven market... That, to me, is a much more fundamentally driven market."

Sector & Factor Rotations

Shift from Momentum to Value

• Scott Wapner (08:09): Notes Barclays upgrading value, downgrading momentum, and cautioning on small caps.
• Joe Terranova (08:40): Points out broadening, not just domestically:
  “Momentum is currently pivoting more towards quality and more towards value. ... That is what the momentum factor ultimately does.”

Discussion on Equal-weight Highs and “Mag 7”

• Jenny Harrington (09:58): Argues for a nuanced take—K-shaped market with “haves and have-nots,” and recommends diversifying away from the mega-cap tech winners to other areas like small caps, value, dividends, and international.

Investment Committee Stock Moves

JetBlue Sell (Jenny Harrington)

• Sold at a loss after a sudden bounce; uses the bounce to offset realized gains elsewhere.
  Rationale: “They ended up in no man’s land—with huge debt” (16:11).

Apple Buy (Joe Terranova)

• Back in after selling last November, citing momentum signals similar to August, expecting a potential break above previous highs.
  Quote: “It looks to me like we’re going to break above the 288 high and have a three handle on Apple.” (16:44)

Software Sector & AI Disruption

• Cadence Design (Joe Terranova, 18:08): Sees attractive entry point supported by strong balance sheet and leadership in chip-design software.
• Apollo Global (Carrie Firestone, 20:35): Bought more; views selloff as overdone due to overblown fears about private credit exposure to software.
• Financials & AI Disruption:
  • Brian Belsky (22:05): Calls financials selloff "way overdone"; expects financials to benefit from AI, not just be disrupted.
  • Joe Terranova (23:18): Warns of “reflex reaction” by markets, powered by algorithms.

Additional Trades of the Week

Astera Labs Buy (Brian Belsky, 28:44):

• Bought on dip; favors data-center connectivity names amid broader market transition.

Genpact Buy (Jenny Harrington, 29:27):

• Sees fears of AI disruption as overdone; stock down 20% this year, worth a contrarian play based on fundamental value.

Pinnacle Financial Partners Buy / First Citizens Sell (Brian Belsky, 30:43):

• Rotated to a smaller-cap regional bank for greater market-cap efficiency in portfolio.

Boston Scientific Buy, Health Equity Sell (Carrie Firestone, 31:24):

• Rotated out after taking profits in health savings account manager amid employment trend concerns, redeployed to medical device leader.

Biotech ETF (XBI) Trim (Joe Terranova, 32:26):

• Took some profits after notable underperformance relative to broader health care; started position at 101, successive adds, now paring back for risk control.

More Tactical Moves

Netflix Exit (Joe Terranova, 36:35):

• Capitulated after a round-trip trade from $66 up to $115 and back down.
  "What am I supposed to do? I’m long at 66. ... I don’t want to watch a stock continue to go lower."
• Brian Belsky and Jenny Harrington discuss the pros/cons of the move from both a tactical and long-term perspective.

Robinhood After Earnings (Joe Terranova, 39:52):

• Criticizes earnings reliance on crypto as “not diversified enough.”
  "Crypto revenue was down 38%... I don’t want it to be attributable to crypto, I want to see other areas... deliver an offset."

Reflections on Market Structure & Safety

Disruption: Nothing Is “Safe”

• Jenny Harrington (26:00):
  "Yesterday was a reminder to me at least that... it feels like almost nothing’s safe. ... Nothing's safe."
• Carrie Firestone (24:58): Points out commission-free platforms already offer very low cost to consumers, questioning the scope for further disruption there.

Materials, Energy, and Defensive Sectors

• Joe Terranova and others suggest that sectors like energy, materials, and health care may be temporarily insulated (26:10).

Notable Quotes & Memorable Moments

• "Performance begets performance." — Brian Belsky on sector rotation and broadening leadership (07:52)
• "I’m like the Orioles fan: I’m miserable when I’m losing and I’m skeptical when I’m winning." — Jenny Harrington, on dividend investing and market psychology (14:29)
• "It's just a reflexive market." — Scott Wapner capturing the mood of quick, sometimes exaggerated rotations (26:18)

Quick Segment Timestamps

| Timestamp | Topic / Notable Quote | Speaker | |-----------|--------------------------------------------------------------------------------------|--------------------| | 01:04 | Show intro & market lower after jobs report | Scott Wapner | | 02:03 | Bond market calm, crypto drag | Joe Terranova | | 03:00 | Long-term horizon to ride out volatility | Jenny Harrington | | 04:27 | Market is expensive, limited stock choices | Carrie Firestone | | 07:10 | Market moving from momentum to earnings-driven phase | Brian Belsky | | 09:58 | K-shaped market, diversify away from mega-caps | Jenny Harrington | | 16:44 | Apple momentum trade | Joe Terranova | | 24:58 | Financials - AI disruption not a clear negative due to already low fees | Carrie Firestone | | 26:00 | "Nothing's safe" after sudden sector reversals | Jenny Harrington | | 32:26 | Reducing biotech ETF (XBI) after recent weakness | Joe Terranova | | 36:35 | Netflix sell: "I’ve had enough..." | Joe Terranova | | 41:26 | Santoli: Market’s “5050 most days,” doesn't need imminent Fed rate cuts | Mike Santoli |

Final Trade Highlights

• Palo Alto (Brian Belsky, 46:55): Likes cybersecurity exposure.
• Melrose Properties (Jenny Harrington, 46:58): 9.5% yield, "very little air risk".
• Visa (Carrie Firestone, 47:05): Sees positive tailwinds from consumer rebates, stock sells below market multiple.
• Apple (Joe Terranova, 47:13): Sets a stop at 264, sees potential toward 300.

Concluding Tone & Takeaways

In a market characterized by sudden reversals, sector rotations, and “noisy,” expensive conditions, the Halftime Report panel urges a move toward balance: stay nimble, consider value and quality, and avoid panic trading based on headlines or short-term spooks. The fundamentals—especially earnings beneath the surface—matter more now than pure momentum. The panel also stresses that with the relentless pace of innovation, especially AI, nothing should be treated as risk-free or undisruptible.

For Further Listening

For additional moves, in-depth discussions, and interviews, tune in weekdays at 12PM ET on CNBC or subscribe to the Halftime Report podcast.