CNBC Halftime Report: “The Market Pushes to New Highs”

Date: December 9, 2025
Host: Scott Wapner
Panel: Joe Terranova, Stephanie Link, Brian Belsky, Josh Brown
Special Correspondent: Steve Liesman

Overview of the Episode

This episode centers on the market’s current momentum as it approaches new record highs, driven by broad sector strength and anticipation for the upcoming Fed decision. Host Scott Wapner leads a panel discussion with the Investment Committee, focusing on standout stock moves, evolving sector leadership, shifting consumer sentiment, and the implications of possible interest rate cuts. The show also covers recent portfolio adjustments, key corporate stories, and mid-cap opportunities, emphasizing a growing breadth in the market beyond just the mega-cap tech names.

Major Discussion Topics & Key Insights

1. Market Nears New Highs – Breadth Expands

• [01:16] The S&P 500 is within 1% of new highs, with broad participation across sectors. The Russell 2000 hits an all-time intraday high, signaling market breadth not seen in recent years.

  • "I believe the Russell 2000 has recorded a new all-time intraday high today as we speak. I love the financial sector..." — Joe Terranova [10:58]

• [10:58] Panel notes a significant shift from the previous tech-led rally, with financials, small and mid-caps, and selected consumer discretionary stocks now driving performance.

2. Portfolio Moves: New Buys, Sells, & Sector Shifts

Josh Brown’s New Buy: ServiceTitan (TTA N)

• [02:11] Josh Brown initiates a position in ServiceTitan, a vertical software company for the trades (roofers, gardeners, construction, etc.):
  • Impressive growth: 25% YoY revenue uptick, 80%+ gross margins.
  • Still unprofitable but in hyper-growth mode; potential for outsized returns as it moves towards index inclusion.
  • He likens ServiceTitan’s potential to that of Toast, another vertical SaaS name.
  • "ServiceTitan is becoming the category killer for all of these different trades... The company doesn’t earn money yet...they’re in crazy growth mode." — Josh Brown [02:11]
  • Acknowledged valuation concern (trading at 10x forward sales), balanced by potential market dominance.

Brian Belsky Trims Underperformers, Adds Financials

• [06:45] Sells Deckers (down 50% YTD) and trims Target (down >30% YTD), pivots preference in consumer sector towards On Running, Walmart, and Costco.

  • Maintains positive outlook for consumer, trims idiosyncratic laggards.
  • "This is not an indictment on the consumer...It's more about being very, very idiosyncratic in terms of our stock pick." — Brian Belsky [08:09]

• Belsky adds to J.P. Morgan and Wells Fargo, rotates into smaller, more fundamentally solid financials, and away from roll-up banks like Huntington & PNC.

  • "We need to get more concentrated in some of the stocks...love small mid-cap financials." — Brian Belsky [12:45]

Stephanie Link Doubles Down on Consumers

• [09:07] Remains steadfast in consumer bullishness, citing strong labor market data and record planned holiday spending ($1T as per NRF).
  • Adds to Capital One, citing its valuation and incoming synergies from the Discover deal.
  • "It's always been a bad bet to bet against the consumer...Capital One is the cheapest financial stock that I have in my portfolio." — Stephanie Link [10:00]
  • Overweights banks, especially those poised for improving profitability.

Notable Trims & Adds by the Committee

• [39:27] Josh Brown: Buys more Toast and Zoom, citing attractive technical setups and misunderstood potential for Toast.
• [40:34] Brian Belsky: Sells Progressive, Union Pacific, Digital Realty Trust, DoubleVerify, Louisiana Pacific, Middleby, News Corp; trims Simon Property, Parker Hannifin; buys more Southern Co., emphasizing the role of utilities in the AI infrastructure trend.

3. Fed Decision & Macro Implications

Upcoming Fed Rate Cut

• [13:39]–[17:27] The panel discusses expectations for a 25 basis point Fed rate cut, with 45% of survey respondents supporting the cut.
• Concerns arise over the next Fed Chair, with the possibility that President Trump’s preferred pick, Kevin Hassett, may be more tolerant of higher inflation and overly responsive to political pressure for lower rates.
  • "The issue is not really what the President wants, Scott. The issue is the extent to which the Fed chair will deliver it regardless of what's happening at the time." — Steve Liesman [14:40]

Market View on AI Stocks

• [18:17] A striking 90% of Fed survey respondents believe AI stocks are overvalued, yet, as Josh Brown notes, money remains concentrated in these names.
  • "It's one more year of people that are underinvested in the AI theme looking at the same, I don't know, 15 or 20 stocks doing backflips..." — Josh Brown [18:17]
• Insight: Despite valuation concerns, investors remain exposed to AI leaders — indicating skepticism has not translated into broad selling.

4. Corporate Spotlights & Stock Specific Debate

Netflix and Warner Brothers Discovery (WBD)

• [27:26] Needham voices skepticism about a potential Netflix-WBD deal, suggesting it could risk $83B in value.
  • Brian Belsky disagrees, emphasizing cash, content, and the logic of consolidation:
    "I believe Warner Brothers is to the late 70s and early 80s what Netflix is right now..." — Brian Belsky [28:13]

Best Stocks in the Market: Carvana, Delta, Expedia

• [34:27]–[38:25]
  • Carvana: Once left for dead, now thriving as consumers prefer their used car buying platform.
    • "If you have the customer, you could probably figure out a lot of your financial problems. So that's really the story..." — Josh Brown [34:27]
  • Delta & Expedia: Travel demand remains robust — record airport traffic, strong RevPAR in hotels, cruise, and airline volumes.
    • "The consumer is not only not slowing down their travel in some categories, they're accelerating." — Josh Brown [37:23]
  • Brian Belsky calls Expedia a “classic cup with a handle” technical setup, ready to break out.

AI Infrastructure & Utilities

• [21:15], [40:40] Stephanie Link and Brian Belsky highlight how industrials and utilities (GE Vernova, Vertiv, Eaton, Quanta Services, Southern Co.) are prime, less-overcrowded ways to play AI/electrification.

5. Bank Commentary and the State of the Consumer

• [42:54]–[44:21] A brief selloff in J.P. Morgan after the CFO calls the consumer “a bit fragile,” sparks a discussion about conflicting narratives across major banks.
  • Stephanie Link and Joe Terranova both reiterate bullishness for major banks, seeing current weakness as a buying opportunity.
    • "Wells actually had very good things to say about the consumer this morning. The CEO spoke and said the consumer is resilient..." — Stephanie Link [43:40]
    • "I bought JP Morgan personally last week. I have no problem buying more..." — Joe Terranova [44:36]

Notable Quotes & Moments

• Josh Brown:

  • “You have to believe that this company will know when it’s time to focus less on sales growth, more on profitability.” [05:42]
  • “ServiceTitan is at a very early stage of that. So it’s going to be volatile...But that’s the opportunity.” [02:11]
  • “This game is not about batting average. It’s not how many times you’re right. It’s how much do you make when you’re right and how much do you lose when you’re wrong.” (On Carvana) [35:04]

• Stephanie Link:

  • “It’s always been a bad bet to bet against the consumer.” [10:00]

• Brian Belsky:

  • “We think that [Target] from a longer term perspective...looks very, very interesting. We still like in that space Walmart and Costco a heck of a lot more. Scott, this is not an indictment on the consumer.” [08:09]
  • “The theme going forward is going to be...the really big banks and the really small banks. In between, I think, is going to have more trouble.” [13:19]

• Joe Terranova:

  • “The totality...is it’s a healthier market because there’s more places you can go for opportunities.” [11:54]

Timestamps for Important Segments

• [01:16] — Opening market status & panel introductions
• [02:11] — Josh Brown on buying ServiceTitan
• [06:45] — Brian Belsky: selling Deckers, Target; consumer commentary
• [09:07] — Stephanie Link on the consumer & Capital One buy
• [10:58] — Joe Terranova on sector rotation, market breadth
• [12:26] — Brian Belsky’s financial sector adjustments
• [13:39]–[17:27] — Fed outlook, possible new Fed chair analysis (Steve Liesman)
• [18:17] — Panel on AI stock valuations
• [19:48] — Nvidia/China chip export headlines
• [21:15] — AI trade: industrials, data centers, utilities
• [27:26] — Netflix-WBD merger debate
• [34:27] — Carvana as a turnaround story
• [36:49] — Delta & Expedia: Travel, consumer demand
• [39:27] — Josh Brown’s buys: Toast, Zoom
• [40:40] — Utilities (Southern Co.) as AI infrastructure play
• [42:54] — JPMorgan ‘fragile consumer’ headline and market reaction
• [43:40] — Stephanie Link on Bank of America, Wells Fargo
• [47:54] — Toll Brothers earnings and housing market
• [49:02] — Final trades: Toast (Brown), TopBuild (Belsky), Applovin (Terranova)

Episode Takeaways

• Market Leadership Is Broadening: Financials, select consumer names, utilities, and mid-caps are emerging alongside mega-cap tech.
• Fed Uncertainty but Optimism Remains: The panel expects a 25 bp rate cut and sees little threat to the market unless the Fed’s future stance wobbles.
• Consumer’s Health Still Debated: Strong jobs data and spending forecasts vs. occasional warnings about fragility from major banks.
• Stock Selection Is Key: Committee members are shifting away from consensus trades, picking spots in unloved sectors or misunderstood stories (e.g., ServiceTitan, Toast, utilities for AI).
• Risk Management Highlighted: Success comes from letting big winners run (Carvana, Delta, Expedia) and quickly exiting laggards.

This natural-flow summary captures the key stock debates, macro commentary, actionable insights, and memorable exchanges, providing a comprehensive briefing to anyone who missed the episode.