Getting conservative now while market digests recent gains, says CIBC's Chris Harvey

• The S&P 500 and Nasdaq's rapid ascent to intraday record highs was surprising, fueled by strong earnings, particularly from AI-related companies.
• CIBC is adopting a more conservative stance, expecting the market to digest recent gains after a significant rally.
• Anticipates a future M&A wave and a potential housing market recovery in the second half of the year, contingent on clearer and less frequent forward guidance from the Fed.

Chris Harvey of CIBC discusses the surprising speed of the market's rally to record highs, attributing it to strong earnings, especially from AI beneficiaries. While advocating for short-term conservatism to digest gains, he remains optimistic about future M&A activity and a potential housing market recovery driven by clearer Fed communication.