We are still in a momentum market, says CIBC's Chris Harvey
CNBC Television
|
June 22, 2026 at 10:01 PM UTC
Neutral
80% Confidence
Watch on YouTube
Key Points
- Mega-cap tech stocks, including SpaceX and Alphabet, experienced sell-offs due to profit-taking and specific company concerns.
- Money is rotating out of the 'Magnificent Seven' into other sectors like healthcare (Eli Lilly) and financials (banks), as well as small-cap stocks.
- The Russell 2000 is performing strongly, reaching new highs and showing a durable trade, with investors seeking 'AI alternatives' in industrials and consumer sectors.
AI Summary
Panelists discuss the sell-off in mega-cap tech stocks like SpaceX and Alphabet, attributing it to profit-taking, IPO digestion, and specific company news. They highlight a rotational market where money is shifting from mega-caps to other sectors like healthcare, financials, and small-cap stocks, indicating a durable underlying market strength.
Model Analysis Breakdown
| Model | Sentiment | Confidence |
|---|---|---|
| Gemini 2.5 Flash | Neutral | 80% |
| Consensus | Neutral | 80% |