Halftime Report: The Committee’s Playbook for New Highs (June 26, 2025)

Introduction On the June 26, 2025, episode of CNBC’s Halftime Report, host Scott Wapner engages with top investors Josh Brown, Jenny Harrington, Shannon Sokotia, and Rob Secchen to dissect the current market dynamics as the S&P 500 approaches new highs. The discussion delves into the momentum-driven market, individual stock performances, investor sentiment, and emerging trends in both traditional and alternative asset classes.

Market Overview: Momentum Drives the Market Higher Scott Wapner opens the discussion by highlighting the market's robust performance, noting, “We are on pace now for its best May to June stretch since 1997, up near 10%” (01:57). The sentiment is largely positive, with the market steadily climbing despite underlying uncertainties.

Momentum as the Playbook Josh Brown emphasizes that the market’s ascent is propelled by momentum, a consistent strategy since the market bottomed. He states, “Momentum factor is far and away the best performing factor. Nothing's even close up 16% year to date” (02:00). He explains that approximately 44% of S&P 500 stocks are outperforming the index year-to-date, underscoring the strength of momentum investing.

High-Performing Stocks: Leaders of the Climb Scott Wapner points out several high-performing stocks contributing to the market's upward trajectory:

• Vistra: Up 82% since April 8 (03:29)
• NRG: Up 79% since April 8 (03:29)
• Broadcom: Up 69% since April 8 (03:29)
• Microchip: Preferred stocks up 99% (03:29)
• Coinbase: Achieved a 52-week high, up 127% (03:29)
• Seagate, Palantir, Jabil, Amphenol: All reached record highs (03:29)

Josh Brown adds enthusiasm about the momentum seen in these stocks, noting, “The best performers from an earnings standpoint... momentum wave” (14:15).

Investor Sentiment: A Divergent Viewpoint Jenny Harrington provides a counterbalance to the optimistic view, highlighting that positioning has shifted from the 98th percentile to the 20th percentile for institutional positioning, suggesting a potential for catch-up in the market (04:23). She notes, “Investors are going to continue to play catch up in the short run” (04:23), indicating cautious optimism amid burgeoning momentum.

Conversely, Shannon Sokotia adopts a more pessimistic stance, expressing skepticism about the market’s continued ascent: “I don't see how we go significantly higher” (07:40). She underscores concerns about slowing earnings growth and economic uncertainties, emphasizing a need for a more disciplined investment approach.

Bitcoin and Cryptocurrency: Stagnant Despite Inflows The conversation shifts to cryptocurrency, where Bank of America Representative highlights a paradox: despite $4 billion in inflows into Bitcoin ETFs, Bitcoin’s price has only modestly increased by 3% (25:23). The moderator explains, “Mega whales who are likely Chinese miners... are offsetting the ETF and corporate treasury buy-ins” (25:23). Josh Brown views Bitcoin as becoming a mainstream asset, stating, “It's being sponsored by 13 ETFs... think of it as another asset class” (26:25).

Market Movers: Hims and JetBlue The team discusses recent volatility in specific stocks:

• Hims and Hers: Facing a 35% crash due to a partnership fallout with Novo Nordisk (30:20). Josh Brown suggests the sell-off might be overdone, indicating potential for recovery as the company pivots.
• JetBlue: Discussed in terms of investor reactions, with Shannon noting possible value traps and the importance of assessing company fundamentals before deciding to hold or sell (31:48).

Best Stock Highlight: Coupang CPG Josh Brown introduces Coupang CPG as his top pick, a Seattle-based company operating as the "Amazon of South Korea." He praises its impressive performance, stating, “Coupang is on the best stocks in the market list... up near 42%” (37:14). With a Barclays target price of $36 and a strong breakout on moving averages, Coupang exemplifies emerging market potential within a developed economy framework.

Private Assets in 401(k)s: A Growing Trend Leslie Picker discusses the increasing integration of private assets into retirement plans:

• BlackRock's Initiative: Plans to allocate up to 20% of target-date funds to private equity and credit by early next year, aiming to deliver 15% more income over four decades before fees (42:10).
• Legislative Support: A bill advancing in the House to broaden accredited investor status, facilitating more investments in private markets through 401(k)s (42:24).

Jenny Harrington adds, “The demand from our clients is very significant in that space” (44:34), highlighting institutional interest and the need for intelligently structured products to mitigate concerns like high fees and illiquidity.

Geopolitical Impact: Iran and Israel Tensions A brief update on geopolitical tensions affecting the market:

• Iran's Stance: Ayatollah Khamenei claims victory over Israel, asserting Iran's resilience and refusal to surrender despite U.S. strikes (33:03).
• U.S. Military Actions: The Pentagon showcases the effectiveness of bunker buster bombs used in recent strikes, marking the largest operational strike by B2 stealth bombers.
• Humanitarian Concerns: Reports indicate Israel has halted humanitarian aid into Gaza for two days amid security concerns (33:36).

Conclusion: Balancing Optimism with Caution The committee wraps up with a balanced view, recognizing the strong momentum driving the market while acknowledging the undercurrents of economic and geopolitical uncertainties. Scott Wapner summarizes the sentiment, encouraging investors to “look at the way the stocks are behaving” and to stay informed about both the bullish drivers and potential headwinds.

Notable Quotes

• Josh Brown on Momentum: “Momentum factor is far and away the best performing factor. Nothing's even close up 16% year to date” (02:00).
• Shannon Sokotia on Market Limits: “I don't see how we go significantly higher” (07:40).
• Jenny Harrington on Institutional Positioning: “Investors are going to continue to play catch up in the short run” (04:23).
• Josh Brown on Coupang: “Coupang is on the best stocks in the market list... up near 42%” (37:14).

Key Takeaways

• Momentum Investing: Continues to be a dominant strategy with significant portions of the S&P 500 outperforming the index.
• Sector Performance: High growth in sectors like technology and energy, with specific stocks like Vistra and Coinbase leading the charge.
• Investor Sentiment: Mixed views with strong momentum optimism contrasted by cautious perspectives on earnings and economic indicators.
• Emerging Trends: Increasing incorporation of private assets in retirement plans signals a shift towards diversified investment strategies.
• Cryptocurrency: Despite significant ETF inflows, Bitcoin remains stable due to offsetting large-scale sell-offs by major holders.
• Geopolitical Risks: Ongoing tensions between Iran and Israel present potential volatility factors for the market.

The episode provides a comprehensive analysis of the current market landscape, offering valuable insights for both seasoned investors and those new to the market dynamics.

Timestamp References

• 01:57 to [48:05]

(Note: Timestamps are indicative and correspond to segments within the transcript provided.)