Halftime Report: The Tech Sector’s New All-Time High (June 25, 2025)
Host: Scott Wapner, CNBC
Guests: Joe Terranova, Carrie Farris, Jason Snipes, Steve Weiss, Brian Belsky (BMO Capital Markets)
Release Date: June 25, 2025

1. Introduction and Market Overview

[00:00 - 00:52]
The episode opens with promotional content from UnitedHealthcare and Edward Jones, emphasizing the unpredictability of life's journey and the importance of financial guidance. This segment sets a positive tone before the primary discussion begins.

Scott Wapner:
"We meet patients wherever they live."
[00:34]

2. Tech Sector Achieves New All-Time High

[00:52 - 02:38]
Scott Wapner introduces the main topic: the technology sector reaching a new all-time high. The S&P 500 is less than 1% away from its milestone, with the NAS 100 Index at a record high. The focus remains heavily on tech stocks, particularly the "MAG 7"—a group of seven major technology companies driving market performance.

Scott Wapner:
"It's about trying to get Nvidia above that all time intraday high at $153.13."
[02:38]

Joe Terranova:
"The broadening out narrative that dominated the early part of 2020-2025, it's not in play."
[01:59]

3. Panelists' Insights on Market Dynamics

[02:38 - 05:53]
Joe Terranova elaborates on the performance of equal-weighted indices and the dominance of the MAG 7. He highlights companies like Microsoft, Palantir, Oracle, Cisco, and IBM, emphasizing their resilience against tariffs and their steady earning potential.

Carrie Farris counters by broadening the discussion beyond technology, noting that financials and industrials are also nearing record highs.

Carrie Farris:
"Finance, industrials are record high. Financials are only 1% away. Utilities 2% away."
[02:38]

Jason Snipes adds that sectors less affected by tariffs, such as Microsoft and financials, are performing strongly, although he cautions about potential selling pressure due to high earnings multiples.

Jason Snipes:
"If you're 28 times earnings as a group, it's hard to push through that. We can get through this beyond the old S&P 500 high, but going up a whole lot further than that, I don't know."
[04:09]

4. Debate on Market Forecasts

[06:01 - 12:03]
Brian Belsky from BMO Capital Markets presents a bullish outlook, raising the S&P 500 target to 6,700. He cites improved earnings guidance, reduced tariff concerns, and strong balance sheets as key factors supporting his optimism.

Brian Belsky:
"We think at the end, the last six months of the year, so the next two quarters we actually think financials are the area where analyst numbers are still way too low."
[06:26]

Steve Weiss challenges Belsky's optimism, questioning the reliability of earnings guidance and the unpredictability of tariffs and political factors.

Steve Weiss:
"I just don't think you have the ammunition at this point in time to make that bet."
[08:16]

Brian Belsky defends his position by emphasizing rigorous research and the strategic movements of institutional clients away from overexposed markets like China and Europe.

Brian Belsky:
"From a corporate perspective in terms of the actual financial statements of a company in a sector which we look at, we think the US Companies are very well positioned."
[09:42]

5. Special Report: Shell and BP Talks

[14:46 - 17:19]
Brian Sullivan reports on advanced talks between Shell and BP, suggesting a potential partial acquisition rather than a complete takeover. He details BP's struggles post-Deepwater Horizon disaster and leadership changes, indicating that any deal would likely involve multiple buyers.

Brian Sullivan:
"It's more likely if a deal transpires… Shell buys some and say an Abu Dhabi national oil company or another international buyer buys other parts of BP."
[14:46]

Jason Snipes and Joe Terranova discuss the implications of such a merger, highlighting the potential for a significant conglomerate in Europe and the necessity of regulatory approvals.

6. Stock Highlights and Recommendations

[27:08 - 32:50]
The panel discusses various stocks that have been performing differently year-to-date:

• ServiceNow:
  Carrie Farris:
  "Revenue growth was really good at EPS. EPS growth was 19%, revenue growth was 18%."
  [29:29]

• S&P Global:
  Jason Snipes:
  "We expect S&P to organically grow revenues in the high single-digit percentage points over time."
  [30:13]

• Charter Communications:
  Jason Snipes:
  "They've done more on the non-cable side of their business, meaning communications and phone planning."
  [36:25]

• Expedia vs. Booking Holdings:
  Joe Terranova:
  "Expedia has had a very uneven course since 2022, whereas Booking Holdings has been more steady."
  [38:33]

• Amex and AMD:
  Jason Snipes:
  "Amex breaking out above its 100-day moving average. Consumers spending and travel strong."
  [46:55]

7. Market Commentary and Final Thoughts

[44:10 - 47:50]
Mike Santoli, CNBC’s senior markets commentator, provides his midday word, expressing a cautious outlook due to negative breadth despite new highs in indexes.

Mike Santoli:
"This feels like one of those days where there's just not a catalyst on either side to be a decider where this market goes."
[44:10]

The panelists emphasize vigilance in monitoring market movements, earnings reports, and geopolitical developments, particularly focusing on the tech sector's trajectory towards new highs.

8. Closing Remarks

[47:50 - 48:32]
Scott Wapner concludes the episode with a disclaimer, reiterating that the opinions expressed are those of the participants and not CNBC.

Scott Wapner:
"All opinions expressed by the Halftime Report participants are solely their opinions and do not reflect the opinions of CNBC..."
[47:50]

Notable Quotes

• Joe Terranova:
  "Negative breadth all day in video almost single-handedly trying to hold the indexes together."
  [44:10]

• Brian Belsky:
  "We think financial companies are the area where analyst numbers are still way too low."
  [06:26]

• Steve Weiss:
  "I just don't think you have the ammunition at this point in time to make that bet."
  [08:16]

Key Takeaways

• Tech Dominance: The technology sector continues to drive market performance, with major players nearing new all-time highs.
• Broad Market Strength: Beyond tech, financials and industrials are also performing robustly, suggesting a broader market strength.
• Investment Strategies: Panelists emphasize the importance of focusing on quality, growth-oriented stocks while being cautious of overvalued sectors.
• Market Sentiment: While optimism prevails, there are concerns about potential selling pressures and the impact of geopolitical factors.
• Strategic Insights: Institutional moves and earnings guidance are critical indicators for future market movements, influencing analysts' forecasts and investor strategies.

This episode of Halftime Report offers comprehensive insights into the current market landscape, highlighting the central role of the tech sector while acknowledging the strengths of financials and industrials. The panelists provide diverse perspectives, balancing bullish sentiments with cautionary notes on market dynamics and potential risks.