Halftime Report: The Pullback Playbook – November 6, 2025

Podcast: CNBC Halftime Report
Host: Frank Holland (in for Scott Wapner)
Panelists: Joe Terranova, Jenny Harrington, Jason Snipe, Bryn
Episode Theme: How investors should navigate the current market pullback, sector rotations, and key breaking headlines impacting stocks, with actionable strategies from top Wall Street voices.

1. Overview: The Pullback Playbook

The episode centers on a notable market downturn, with major indices in the red and former market leaders under pressure. The panel explores what’s driving the reversal, where investors should seek stability (“flight to quality”), and the role of big breaking news—such as a major White House move on drug pricing and supply chains. Live analysis is complemented by sector critiques and tactical advice for managing positions during volatility.

2. Key Discussion Points and Insights

A. Market Pullback and Rotation: Is This a Turning Point?

• Opening (01:00–03:26):

  • Major indices fall: S&P down >1%, Nasdaq nearly -2%, Dow -500 points, Russell -1.5%.
  • High-flying tech names like Nvidia and Microsoft are among the biggest drags.

• Momentum “Battleship” Turning (Joe Terranova, 01:45):

  • “The battleship of momentum is turning … it usually turns first in macro assets.”
  • Recent peaks and reversals:
    • Dollar bottomed on Sept. 17 and has risen since.
    • Crypto peaked Oct 6, now in decline.
    • Gold peaked Oct 20, now sliding.
  • Rotation to Quality:
    • Health care is now Q4’s best-performing sector, even outpacing tech.

• Cautious Positioning (Jenny Harrington, 03:51):

  • Advocates a balanced, cautious approach at market peaks.
  • “I’m suggesting you don’t need to be all bearish … but you can start to be a little cautious.”
  • “Take a little bit off the table” as the market shows signs of topping.

B. Breaking News: GLP-1 Drug Pricing and Manufacturing (04:25–15:40)

• President Trump’s Announcement (04:37–15:40):
  • Drug makers Eli Lilly and Novo Nordisk to offer their GLP-1 weight loss drugs at “most favored nations” rates in the U.S.
  • Medicare, Medicaid to cover drugs such as Wegovy and Zepbound; copays as low as $50.
  • Future oral GLP-1 drugs to top at $149/month.
  • “This will slash the cost of Wegovy from $1,350 a month to ultimately $250 a month.” (Trump, ~10:00)
  • Companies to invest $37B total in U.S. manufacturing.
• Panel Reaction: Implications for health care stocks and momentum rotation.

C. Sector Rotation & Bifurcation: Under the Hood of This Rally

• Risks Lurking Beneath (Jenny Harrington, 16:34–19:01):
  • The aggregate picture looks strong: S&P up 17% YTD, GDP +2%, strong labor.
  • Disaggregated, there’s pain—some sectors may be in recession (e.g., housing), and companies reliant on lower-income consumers (McDonald’s, CarMax) are seeing significant declines.
  • “You’ve got this really, really hard market to navigate because in aggregate things are fine, but as you disaggregate, the picture gets pretty dicey.” (16:34)
  • “The bifurcation that we always see is getting worse.” (Frank Holland, 18:25)
• Defensive Trades & Biotech (Jason Snipe, 19:35):
  • Biotech rallying (XPI +20% YTD, IBB +19%), possibly rates-driven.
  • Warns most biotech isn’t “quality” (many are unprofitable), but rates and sector rotation are powerful drivers right now.

D. Earnings & Momentum Unwind: Winners Get Punished

• Strong Earnings, Weak Price Action (Bryn, 21:21):
  • “There’s actually very little correlation in the short term that … earnings drive a particular stock or a market.”
  • Cites exhaustion with “meme-like” tech hype and sharp corrections for big gainers (e.g., Robinhood up 246% YTD, -9% today).
• Risk Management During Corrections (Joe Terranova, 24:07):
  • “It’s not about being right or wrong … it’s about managing the risk.”
  • “If you have bought above today’s price, you have to accept that you were wrong and manage the risk … reduce your exposure.”

E. Specific Stock and Sector Moves

• Robinhood and DoorDash (23:00–26:55):
  • Robinhood: great earnings, but “priced in”—pulls back sharply.
  • DoorDash: EPS up 44%, but flagged increased spending; momentum names can’t afford missteps.
• Travel and Airlines Under Pressure (29:01–31:47):
  • Government Shutdown: FAA to cut ~10% of flights at top 40 airports, mostly impacting regional routes; panel expects short, not structural, impact on travel stocks.
• Tesla, Datadog, CarMax, Costco (34:48–38:18):
  • Tesla shareholder vote on Elon Musk’s pay package—expected to pass, could be a “positive clearing event.” (35:30)
  • Datadog: Strong beat, but don’t chase on +20% day.
  • CarMax: Investment thesis “broken” due to apparent pullback on financing and rising delinquencies; panelists sold out.
  • Costco: Strong fundamentals, flat performance—market out of favor despite strong renewal rates and private label growth.

F. The Crypto Correction and Outlook

• Bitcoin & Stablecoins (38:59–40:31):
  • Cathie Wood trims “ultra-bullish” Bitcoin 2030 forecast by $300,000 due to rise of stablecoins—but still sees $1.2M as possible.
  • Bryn: “Sometimes [Cathie’s forecasts] seem crazy, but then they actually turn out to be true … even with the trim, that’s still a 10x return.”
  • Joe Terranova admits their crypto entries may have been too late in this cycle.

G. Private Markets & Alternatives: Schwab–Forge Deal

• Schwab Buys Forge Global (40:31–43:37):
  • Expanding client access to private shares / alternatives.
  • Both Jenny and Jason agree the move is tiny for Schwab (“not even a half a penny of earnings”) but part of broader trend of convergence between traditional and alternative asset managers.
  • Jason highlights ongoing growth in AUM at Apollo and room for alts to rebound.

3. Timestamps & Segment Highlights

| Timestamp | Segment/Highlight | |-----------|--------------------------------------------------------------------------------| | 01:00 | Market pullback opening, indices and sector performance | | 01:45 | Joe: “Battleship of momentum” thesis and rotation to quality | | 03:51 | Jenny: “Be a little cautious … take a little off the table” | | 04:37 | President Trump’s live announcement: GLP-1 drug price deals | | 15:40 | Panel returns: implications for health care rally and momentum rotation | | 16:34 | Market’s bifurcation and underlying risks discussion (Jenny) | | 19:35 | Defensive trades, biotech sector performance (Jason) | | 21:21 | Earnings-season takeaways; momentum unwind (Bryn) | | 23:00 | Robinhood, DoorDash, managing momentum losses (Joe, Bryn) | | 29:01 | Airline cutbacks due to shutdown; travel sector impacts | | 34:48 | Stock movers: Tesla, Datadog, CarMax, Costco | | 38:59 | Cathie Wood reduces Bitcoin price target, discussion on crypto and stablecoins | | 40:31 | Schwab–Forge deal: private market access, alternative assets | | 44:26 | Final trades and summary advice |

4. Notable Quotes

• “The battleship of momentum is turning. … It means it’s turning towards quality.”
  — Joe Terranova (01:45)

• “You don’t need to be all bearish … but you can start to be a little cautious.”
  — Jenny Harrington (03:51)

• “This will slash the cost of Wegovy from $1,350 a month to ultimately $250 a month.”
  — President Trump (approx. 10:00)

• “You’ve got this really, really hard market to navigate because in aggregate things are fine, but as you disaggregate, the picture gets pretty dicey.”
  — Jenny Harrington (16:34)

• “There’s actually very little correlation in the short term that earnings drive a particular stock or a market.”
  — Bryn (21:21)

• “It’s not about being right or wrong … it’s about managing the risk.”
  — Joe Terranova (24:07)

• “Sometimes [Cathie’s forecasts] seem crazy, but then they actually turn out to be true … even with the trim, that’s still a 10x return [for Bitcoin].”
  — Bryn (39:46)

5. Final Trades (44:26–45:16)

• Joe Terranova: Don’t short the market, manage risk, expect some bullishness to work itself out, likely end to government shutdown soon.
• Bryn: Prefers equal-weight health care (RSP) over cap-weighted due to Eli Lilly outsized exposure.
• Jason Snipe: Likes Palo Alto after its CyberArk acquisition.
• Jenny Harrington: Western Union seen as strategically entering crypto.

6. Tone & Style

• Fast-paced, live, and analytical with a focus on tactical responses, sector rotation, and actionable investment advice.
• Blunt, candid discussion from panelists; frequent real-time anchoring of market and news events.
• Cautious optimism with a stress on adaptability and risk management; recognition of bifurcated consumer/economic reality.

Summary for Non-Listeners

This episode prepares investors for a changing market landscape. As major indices retreat from highs, the Halftime panel emphasizes a strategic shift: move into “quality” sectors like health care, be wary of overvalued “momentum” names that have soared too far, and trim positions where excess risk lurks beneath positive aggregates. Panelists dissect real-time policy news (notably, major changes in prescription drug pricing and U.S. manufacturing), travel disruptions, the impact of rising rates on defensive plays, and the outlook for crypto and alternatives. Throughout, the message is pragmatic: manage risk, beware headline froth, and for every winner, watch for the reversal. The advice: stay nimble, stay diversified, and keep a sharp eye on sector rotations.