CNBC Halftime Report Podcast Summary

Episode: Navigating the "Everything Rally"
Date: November 12, 2025
Host: Scott Wapner
Panelists: Joe Terranova, Liz Thomas, Carrie Firestone, Steve Weiss
Special Contributors: Steve Liesman, Seema Modi, Leslie Picker, Jim Lebenthal, Mike Santoli

Episode Overview

This episode of CNBC’s Halftime Report centers on the market’s historic run, with the Dow poised to close above 48,000 for the first time. The panel debates whether this signals a true “everything rally” and what sectors can lead into the year’s end as leadership rotates beyond mega-cap tech. Discussion covers sector performance, the health care and financials rotation, hyperscaler debt, notable stock moves (AMD, Nvidia), and regulatory developments around proxy voting. The show captures the real-time pulse of U.S. markets as participants assess whether the rally has legs and how to position through volatility and macro uncertainty.

Key Themes and Insights

1. The “Everything Rally” and Sector Rotation

• Dow Surges Past 48,000 (01:00–01:50)
  Scott sets the context: “The latest milestone for the Dow…does it signal the official start of the everything rally into year end?”
• Leadership Broadens Beyond Tech (02:00–03:00)
  Joe Terranova highlights sector momentum:
  • “Today we have 30 new S&P 550 two week highs...27 of them are non-technology.” (02:03)
  • Sectors leading weekly: Health care (+4.5%), Materials (+3%), Financials (+2.5%).
  • “The battleship of momentum...continues to turn...towards quality” (02:46).
• Market Rotation Dynamics
  Liz Thomas describes the “catch up” trade:

  “It’s the beginning of the chase of everything that might now try to catch up with mega cap tech…this is a lot of why I have been pounding the table about healthcare.” (03:18) She also points to a possible narrowing of the gap between mega caps and lagging sectors:
  “We expect the catch up trade to also benefit small caps, the equal weighted S&P...probably will be some narrowing of the gap.” (03:50)

2. Questioning the Rally: Is It Sustainable?

• Rally or Pause? Volatility Ahead
  Steve Weiss pushes back:

  “I think we’re really on a pause now...volatility is still going to be the watchword.” (04:41)
  He cites upcoming Nvidia earnings and Fed decision as key volatility events.

• Health Care’s “Landmines” and Opportunities
  Weiss: “Health care, there’s a rotation into it. But...depending where you are in health care, it's a landmine.” (05:43) Firestone counters:

  “Health care is a place to put money...it's underperformed for years...There are many health care stocks...had a good quarter, showing growth...” (07:02)

• The End-of-Year Chase
  Firestone: “This is the chase for performance...We talked about not going short the market...opportunity exists in other areas...it will continue into the end of the year.” (08:23)

3. Tech Still Crucial—but Could Others Lead?

• Tech Dominance Questioned
  Wapner:

  “If tech doesn’t go up every single day, can the market go up without it?” (09:01) Firestone:
  “We know they’re going to have a good quarter and they’ve signaled that...Now all you got to do is listen to everybody else, right?” (09:25)

4. AMD & Nvidia: Chips, AI, and Market Position

• AMD’s Resurgence
  Wapner: “Our chart of the day...AMD...Lisa Su, the CEO, says the data center market will be worth $1 trillion by 2030...stock’s up near 9%.” (10:18)
  • Terranova:

    “From March of, of 24 to April of 25, AMD fell 67%...now we’re getting the realization that, yes, AMD is going to participate...a new entry into the momentum category...” (11:26)

• Portfolio Moves: Nvidia & Broadcom
  Firestone on buying Nvidia:

  “Broadcom mostly serves the hyperscale scaler and Nvidia serves everyone.” (16:58)

  • She trimmed Broadcom to add Nvidia, seeing more near-term potential in GPUs.

5. Fed Rate Watch: Bostic's Hawkishness

• Atlanta Fed’s Raphael Bostic Speaks (13:44–15:34)
  Steve Liesman summarizes Bostic’s remarks:
  • “He favors keeping rates steady until inflation is convincingly moving towards the 2% target...Price stability is still the clear and urgent risk.” (14:00)
  • Bostic does not support a rate cut at the December meeting. Wapner:

  “If he was a voter in December, it would be a no in terms of a cut.” (16:36)

6. AI & Hyperscaler Debt Concerns

• Credit Stress in Big Tech (19:14–25:00)
  • Scott: “Michael Hartnett of Bank of America...being short hyperscaler bonds is a top trade for 2026.” (19:14)
  • Seema Modi: “Oracle’s five year credit default swap now at a two year high...Meta’s recent dip into the debt market to fund its data center...Amazon and Microsoft have not taken out any new debt and analysts say they carry a much stronger free cash flow outlook.” (21:06)
• Panel Debate: How Worried Should Investors Be?
  Joe Terranova:

  “The market is sensitive to any form of debt funding the innovation and that is the problem...The parabolic high...is completely washed away.” (22:09) Steve Weiss:
  “If you’re going after Meta, I think you’re crazy because...there’s no trigger you can identify.” (23:39)

  • General consensus: Not a problem today, but worth monitoring if debt use accelerates.

7. Stock Focus: Netflix

• Pullback a Buying Opportunity? (30:04–32:51)
  Joe:

  “It’s going through a period right now more than anything else where it’s consolidating the gains...classic consolidation.” (30:45)
  Weiss:
  “What’s hitting it now is the thought that Paramount’s going to acquire Warner, they’ll be a much more formidable competitor. But...Netflix...always has a lever of price.” (32:05)

8. Proxy Fights and Regulatory Headlines

• Trump Administration Eyes Proxy Firm Reform (35:22–37:51)
  Leslie Picker:

  “These reforms could include banning shareholder recommendations or blocking recommendations on companies that paid proxy advisory firms for consulting work.” (35:30)

  • Mixed empirical evidence on their impact on shareholder value.

Notable Quotes & Memorable Moments

• On the Everything Rally:
  Joe Terranova: “The battleship of momentum...continues to turn...towards quality.” (02:46)
• Sector Catch-Up:
  Liz Thomas: “It’s the beginning of the chase of everything that might now try to catch up with mega cap tech.” (03:18)
• On Health Care Rotation:
  Steve Weiss: “Depending where you are in health care, it’s a landmine.” (05:43)
• Chasing Performance:
  Carrie Firestone: “This is the chase for performance. This is exactly what it looks like.” (08:23)
• On AMD vs Nvidia:
  Joe Terranova: “From March of, of 24 to April of 25, AMD fell 67%...now we’re getting the realization that, yes, AMD is going to participate.” (11:26)
• Fed Watch:
  Steve Liesman (on Bostic): “He favors keeping rates steady until inflation is convincingly moving towards the 2% target...” (14:00)
• Hyperscaler Debt:
  Joe Terranova: “The market is sensitive to any form of debt funding the innovation and that is the problem that we see with Oracle.” (22:09)
• On Netflix:
  Weiss: “Netflix...always has a lever of price. I still think they’re grossly underpriced relative to what the market will bear.” (32:05)

Important Timestamps

• [01:00] – The Show Opens: Dow above 48,000, “everything rally” debate kicks off
• [02:03] – Sector rotation data: non-tech leading new highs
• [03:18] – Catch-up trade and its drivers explained
• [04:41] – Weiss pushes back: volatility ahead
• [10:18] – AMD surges on $1T data center prediction
• [13:44] – Fed’s Bostic: “No rate cuts until inflation nears target”
• [19:14] – Hyperscaler debt concerns: Hartnett, Burry, Chanos
• [21:06] – Seema Modi: Credit markets, Oracle, Meta, and hyperscaler debt
• [30:04] – Netflix’s performance and outlook dissected
• [35:22] – Trump Administration considers proxy advisory reform
• [39:49] – Jim Lebenthal on ON Holding stock surge

Final Trades (45:09)

• Steve Weiss: Taiwan Semi ("should be higher today")
• Carrie Firestone: HealthEquity (HQY), largest health savings plan
• Liz Thomas: Biotech (“good corner of health care”)
• Joe Terranova: CBOE (trend follower, “buy high, sell higher”)

Summary Table of Sector & Stock Discussions

| Topic | Key Takeaways | Speaker(s) | Timestamp | |-------|---------------|------------|-----------| | “Everything rally” | Dow above 48K; broadening leadership | Wapner, Joe, Liz | 01:00–04:00 | | Health care rotation | Underperformance to catch-up play & landmines | Liz, Weiss, Firestone | 03:18–08:20 | | Tech’s role in rally | Market rally possible w/o tech? | Wapner, Firestone | 08:53–09:25 | | Nvidia & AMD momentum | AI chips, momentum investing | Joe, Firestone, Wapner | 10:18–13:30 | | Hyperscaler debt | Risk of funding innovation with debt | Joe, Seema Modi, Weiss | 19:14–27:42 | | Fed & macro | Rate cut odds, inflation | Steve Liesman, Wapner | 13:44–16:36 | | Netflix call | Pullback as buying opportunity | Joe, Weiss | 30:04–32:51 | | Proxy reform | Administration targets ISS, Glass Lewis | Leslie Picker, Weiss | 35:22–37:51 | | ON stock surge | Retail’s “haves and have-nots” | Jim Lebenthal, Wapner | 39:49–42:56 |

Key Takeaway

The “everything rally” is underway, with leadership broadening and investors chasing lagging sectors like health care, materials, and financials. Tech remains core, but conviction lags as attention turns to whether mega-cap spending and hyperscaler debt create new risks. Macro uncertainty persists (Fed, labor data), but for now, the path of least resistance is higher, with the panel generally constructive into year end.

For those who missed the live show, this episode delivers actionable market analysis and captures real-time professional debate on whether the “everything rally” has true staying power—plus where to find the next big opportunities as the year draws to a close.