Closing Bell - Closing Bell 9/21/26

Episode Date: September 21, 2026

From the open to the close, “Closing Bell” and “Closing Bell: Overtime” have you covered. From what’s driving market moves to how investors are reacting, Scott Wapner, Melissa Lee and Michael Santoli guide listeners through each trading session and bring to you some of the biggest names in business.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

All right, my family's impacted by those flights as well. Welcome to closing bell. I'm Dominic chewing for Scott Wapner. This make-or-break hour starts with surging stocks to kick off a new trading week. So here's the scorecard with just about 60 minutes to go in this session. Right now, the Dow is up by about three quarters of 1%. 52,105. The S&P 500 at 7773, making it up about 1.5%.

And the tech heavier NASDAQ trading leading all the major indexes right now today up 2.5% with the NASDAQ composite at 27,128. Among the big movers of the day, speaking of that NASDAQ trade, as meta-platforms, that stock is soaring to the tune of 12% for a mega-cap tech stock. This on the back of Wells Fargo upgrading the name ahead of Meta-Connect, which is their big event later on this week. Also, Bitcoin breaking out to its highest level going all the way back to January, currently at 86,000 and change.

We're going to have more on both of those big moves. big stories coming up on this show. But first, let's get to our talk of the tape. Should you lean into this rally as we head into the final stretch of September, which is, of course, we've been saying a seasonally weaker time of the year. Joining us now for this discussion is Partners Group, Anastasia Amoroso, also Carson Group's Ryan Dietrich and Fair Lead Strategies, Katie Stockton. Both Ryan and Katie are CNBC contributors. Thank you all for joining the panel today. Let's kick off with the around the context I just laid out, this market move in a seasonally, historically, weaker month of September. Anastasia, I'll go to you for this one first. The question was, should we

lean in right now? Is there anything to really fear about this market? I mean, look, there's always something to fear, but I think the last couple of weeks really shows that we've managed to work through some of those fears. You know, first we had the oil prices that were rising and that had investors on the sidelines, but we seemingly have eased off some of those local highs. Then we we were worried about the AI momentum and whether that's going to slum because of the concerns about safety. And now we have news about meta and the artificial intelligence, you know, show very much is still going on. And so we kind of eased that concern. And then you had the concern about higher interest rates. And we did have the Fed that hike. We had the Bank of Japan that hiked. And,

you know, we're still doing fine because the economy is actually quite resilient against those higher rates. So I would say, Dominic, we have worked through some of those concerns. We've got a little bit of the clearing. And I do think the market can keep on moving higher into your end because, look, there are a couple of really good things that is happening underneath. Well, maybe three or four, but the economy is strong, but we can talk about that later. But also, if you look at the multiple, multiple has reset lower from 23 times to 19 times. So I actually think value has emerged. Some of those risks have gotten priced in. And at the same time, if you look at the earnings momentum, it continues. So if we do bake in the full 2027 earnings growth

of $407 on S&P 500 earnings, that gets us to probably close to $8,000 on the S&P. This is interesting as well, because Ryan, I'll go to you for this one. There are not a lot of reasons that we have seen things derail. We do still have an ongoing Middle East conflict that is leading to those higher prices at the pump, arguably a big driver of those higher interest rates as well. But yet the intraday high, record high that we saw from Mag 7 stock, as a portfolio hit earlier today as well. So I'm not exactly sure if that's something that we should be positive on

or whether or not we should be feeling more like there is a narrowing of this leadership in the trade versus the broadening out we've been talking about for the past six to nine months. Well, first up, Dom, thanks for me back and good afternoon everybody. I think it's positive. You know, you look at what's happening. Yes, lifeblood of a bull markets rotation. Now, Mag 7's taken back that baton. I mean, that's, I think, a good sign.

But you're just the old saying, don't short a dull market. You look at what's happened. We had a big rally after the Fed six weeks ago. Then the market literally went nowhere. We just went sideways. Four weeks in a row, the S&P 500 is not gained or lost more than 1%. I mean, Dom, that's pretty rare. 37 days since we've seen even so much as a 1% decline on the S&P.

And now here we are with some of the positives we just talked about. And I would argue the Fed came off last week much more doveish than most people expected. You look at Bitcoin and we're going to talk about that breaking out here. I mean, that's a. sign, I think the Fed's more dovish and the market likes that. And you look at everything going on, we've, Carson Group, last comment, Carson Group, we said the first half of September could be kind of troublesome. Get past the Fed and then expect to see a surprise rally. Everyone talks about how bad September is, you know, it gained more than 2% the last two years. We said this year probably

will be similar. I think the second half of this September is going to be better than most people expect, Dom. Second half is going to be better. We do know that September is typically that kind of weaker time of the year this month overall, but then that leads into better trends maybe for October, November, December after those things happen and settle out. Katie, we now this year not only have some of the seasonal effects, we also have a midterm election cycle that comes around this time. There is also maybe a bit of a fear around whether or not the AI trade can sustain itself if there are not macro headwinds and tailwinds that can factor a little bit more into the discussion. I wonder that Mag 7 mega-cap tech trade, is it one where we can sit on those

valuations being lower than they have been and follow the price action? And what does that price action tell you about where these things are headed? Is it constructive? I think so. So what we heard from Ryan is that there was a consolidation phase that interrupted the uptrend. But it seems to have just interrupted it rather than reversed anything because we saw short-term oversawed conditions ahead of this rally. And to see that response is really important. It suggests that the uptrend is still dominant. And now I think also the rotation, not just into the mega caps, which is key to the market, especially when breath hasn't been good, but also the semiconductor sector, having caught a bit alongside broader AI trade, that's key to the market sustaining this uptrend.

I think that the leadership almost has to come from that segment of the market in order to sustain the longer-term positive momentum that is still there. It's not the same level of momentum that the market had a year ago, but even still, it is sustaining those gains. And we saw support around 7618 for the S&P 500 hold. It was a hard test of that support level, but it did act as support. And when you see those buyers step in, and now, of course, we have a lot of short-term positive technical catalysts out there to see today. gaps higher in those semiconductor names, breakouts, and some of the mega caps. These are, of course, bullish sort of risk on signals for the short term. It doesn't necessarily mean we won't see

a correction in Q4, but right now it looks like the path of least resistance is higher. All right. So if the charts are saying that when it comes to mega cap tech, that's something that we can kind of at least maybe mull over. But while that mega cap story is playing out, I want you to sit tight everyone because meta-planforms is a big story today. rallying on a price target hike over at Wells Fargo. The company's also gearing up for its big MetaConnect conference later on this week. Our Oliver Renick is tracking some of the notable trades in the Options Market with meta platforms tied to that big event.

He's live at the Cebo Global Market site in Chicago. Ali, what can you tell us about those meta options? Hey, Don, it's a scorcher for this stock today. Traders are treating it like it is the new leader for consumer AI. Options volume is four and a half. times the 30-day average today and more than $2.5 billion has traded more than in either SPY or QQQ today. More than 450,000 calls were likely bought compared to fewer than 230,000 puts. Though it is worth noting there was at least one big money call spread seller who built a

roughly $20 million bet that metal will slip back under 740 by mid-October. But otherwise, the heavy volume was on the call side and more than a billion of calls traded looked like they were bought by dollar amount. There's a ton of action at the money and in the money calls expiring today, but looking out, we saw buyers of the 775 and 800 strikes expiring October 16th. And by the way, market makers right now are assigning a roughly 32% chance of Meadow will cross the 800 level by the end of next month, Dom. All right. So Oliver Renick there. Thank you very much for the options action on meta platforms. Let's go back to the panel given that report. Katie, I'm going to go to you for this one here. We heard the kind of technical and somewhat fundamental drivers behind

that meta platforms trade today. What are the charts telling you about that, whether that one and three odds of it going past that price level are actually something the charts can verify? Meta had gained momentum over the past few weeks to the point that it lifted above some key resistance levels after a successful test of long-term support that I believe was around 550. It feels like ancient history now, but very important that these support level hold and suggest that buyers are there to step in. And now, of course, that buying pressure, which Oliver's really seen in those calls, is lifting it above yet another resistance level. So these sequence of breakouts is, of course, bullish price action for meta. And if we can see it hold up here,

this sort of 750 area, the final resistance on the chart is at the high, which is closer to 800. So that would be not even a major resistance level in terms of selling pressure. It was only there for one test. But it does bode well for upside, follow-through intermediate term, even if maybe the one-day move is a little bit overdone. We're seeing the whole complex of semis. I saw 15% gains on the individual stock level. So it's somewhat infectious. it seems today. Ryan, what is the move in meta platforms versus the other mega-cap tech names that are out there versus a 4% move higher in the Vanek Vector Semiconductor ETIF today?

What does that signal about the veracity of the AI tech trade? Is it still something where people are buying dips and not necessarily selling the rips? I think they're buying the dips, Dom. I mean, listen, this time a week ago, what were we talking about, right? AI is going to slow down. There's a little these issues. And now all these things are soaring. And you think about building what Katie just said.

I mean, okay, so Matt is doing what it's doing. But the Mag 7 ETF, like you said, is like flirting with all-time high as the time we're doing this. And again, we all understand the first half of the year. Semiconductor did really well. Mag 7 lagged. You know, one of our things, second half of this year, Carson, we said, listen, the mag seven's probably going to come back, Domit, it is. Now, one more thing I want to point out here, I love looking at market sentiment. I mean, you listen, I'm sure the guests have pointed this out.

But we've seen a huge spike in bears. That AAI-I-Sinement pole, the most bear since Liberation Day, the lease bowls this year. You've got put the call ratio spike in a little bit. They're not over the top. We're seeing that there. And then active managers, kind of my world, the RIA world, a huge drop in overall exposure the last three weeks. What does all that tell us?

There's a lot of negativity. And now we're on the other side of the Fed. Again, probably more doveish fed than the market thought with the strong earnings, with the strong momentum. It's still a bull market being now led by large-cap tech, which I think is a really good sign. Large-cap tech leadership also means maybe that on a relative basis, that leadership is more on them and less on the other 490-some stocks that are out there. Does that fly in the face, Anastasia, of this broadening out thesis that a lot of people have said

is going to be highly beneficial, I guess, for the markets overall, healthy as a word I've heard used before as well. Is it something where we feel as though, I'm only saying this because the Vennick vectors I said is up 4%, the SMH. DRAM is up 3.5% today. And even the IGV software ETF is up 2.5% today. This is broad-based tech, all rallying at the same time. That's right.

That's right. I think there are a couple of things that are happening. First of all, we do have higher rates. And not only higher rates in the front end, we have higher rates across the curve. And that does imply that maybe it's going to be a little bit more difficult for cyclical companies. And so we are seeing, for example, banks and financials come under pressure. We're seeing industrials come under pressure. and the whole cyclical suite.

And it seems to me like investors are once again flocking to what they know is likely to work even despite higher interest rates. And that's, of course, semiconductors and it's the AI momentum. And look, Dom, you know, the reality is we've had quite a reset in semiconductor stocks, for example. Just looking at the chart, it has consolidated quite a bit. We've maybe priced in some of those fears and the potential for slowdown. But the reality is if you look at semiconductor and read semiconductor research, you'll still see that this is a 12. to 24-month bottleneck. I was in Korea a couple of weeks ago, and the momentum there is very much powerful been continuing. So after the recent evaluations, it makes sense that people are

probably stepping back into the space. And when I do track some of the AI adoption stats, despite the concerns, right, AI adoption continues to move higher. The share of the people who are paying for an AI subscription continues to go up. You've got tokens consumption. That's something like quadrupled in the last four or five months. So the momentum is. just really, really strong. And given that we have now better entry points, it's not surprising that that's where investors are flocking. All right. So speaking of the momentum side of things and risk appetite, let's talk about what's happening with Bitcoin prices right now, because they're rallying in a very big way. We've topped the 85,000 mark, best level going, by the way, all the way back

to January. So our Brandon Gomez is actually following that action in crypto for us. And Bitcoin, specifically, Brandon, what can you tell us? Hey there, Domney. Let's break some of that down. Bitcoin climbing today above $85,000, as you said, hitting its highest level since January 29th. Now, Ether also hitting its highest level since January. Crypto-link stocks, getting a boost as well. You have Coinbase strategy, Robin Hood markets, and RIA platform all in the green. Investors weighing whether the so-called crypto winter is over. Now, that's, of course, the long depressed period for digital asset prices that started back in October of 2025

when Bitcoin hit its all-time high over $126,000. Far cry from there. Bitcoin's still down over 1% year to date, but has risen more than 7% in the last five days, nearly 25% over the last three months. The rallies coming even as the U.S. Senate blocked the Clarity Act from advancing last week, which would have split oversight for the asset between the SEC and the CFTC. Bryn-Talc noting with you earlier today, Dom, that while both Bitcoin and Ethereum remained down for the year, both definitely look more attractive than they were three months ago as we head into the new year, Dom.

All right, Brennan Gomez with the report there on Cryptoferiom, cryptocurrencies and Bitcoin in particular. Thank you very much for that. Let's go back to the panel. Katie Stockton, you're the one who actually runs a Bitcoin fund, a tactical Bitcoin fund. So from a technician standpoint, with tactics versus strategy in mind, is the Bitcoin price action now, one, where people can feel more comfortable buying in now that it's hit that $85,000 mark? Well, it looks like a flag pattern breakout. If you look at the daily chart of Bitcoin, and there's flag patterns. tend to be pretty high probability in terms of upside follow-through. It is obviously a risk-on move. So as long as we can see Bitcoin kind of hold up here in the mid-80,000 range,

it will then confirm that flag breakout, and that would warrant a more bullish stance. I mean, we've been more constructive on Bitcoin since it bottomed back around 60,000. And it looks like it's an advance from a basing phase. So we think this is a lasting uptrend that has been asserted by Bitcoin or reasserted, I should say. And once we're now through this sort of mid-80,000 range, we can turn our attention to the next resistance on the chart. And that is roughly 93,000. That is based on the cloud model, the cloud model being highly relevant for cryptocurrencies. So that would be our sites would be set on that next level.

All right. And Ryan, we're seeing a lot more ETF activity. and options activity on the back of those crypto-related ETFs because of this Bitcoin price move. Do we feel as though this kind of crypto atmosphere that we have is more constructive for investment advisors, maybe even longer-term investors, allocating more systematically to those Bitcoin prices because they are now back above the 80 to 85,000 level? No, we think so, Dom. I mean, you know, like we said, the Clarity Act failed. People kind of laughed at Bitcoin, laughed at the crypto names, and now here they are, right? Like Katie just said,

that huge rally, consolidating, now breaking out again. And it's not just Bitcoin. I mean, look at Solana, right? Look at Etherium. We're seeing broad-based leadership coming out of those three, which are kind of the big names in the group. And at the same time, it's a risk-on signal to us. I mean, you see these names breaking out, specifically Bitcoin.

It probably means equity markets want to go higher. I mean, we were seeing some of this before when Bitcoin was just simply going sideways. And everyone's telling us how bad the market was doing, how bad everything was. We said, look at these little signals we're seeing. I mean, last week, I'm kind of taking $180 for a second, but last week, high yield was higher last week. Everybody was saying how negative everything was. Yet high yield was hanging in there. Cryptos hanging in there.

And then you had the Fed. Now, the Fed's out of the way. And I think this leadership is real. It probably says software, technology. We'll probably take back the baton. Those are groups we've been overweight all year. We still like them here. All right.

I'm going to give Anastasia the last word. The three of you, all of you, are bullish and optimistic about the coming months. If I were to say to you, if there were something that could derail the whole thing or a set of things that could derail the whole thesis that you have, what would they be? Look, I think it comes down to rate and comes down to artificial intelligence. So if all of a sudden we have a more aggressive rate hiking cycle than is currently baked in, I'm talking about a lot more, that could potentially upset the Apple card. And the second thing is, of course, it's artificial intelligence. Dom, you know that close to 50% of the market is either an AI stocks or AI adjacent stock. So anything that changes the trajectory, that would be quite upsetting to the markets,

I don't think it will. And I do think that we're going to clear a few of the remaining hurdles that we have this year. Perhaps, perhaps. We'll see some positive news on the Iran resolution and the conflict this week. We're hopeful anyway. You know, we're likely to see the clearance of the midterm events. And as you know, markets tend to rally after that. So that's what I'm looking for for the end of the year.

All right. Anastasia Amoroso, Ryan Dietrich, Katie Stockton. and thank you very much for being part of the panel. We appreciate it. We'll see you soon. Let's send it now over to Christina Parts and Eveless for a look at the biggest names moving into the closing bell. Christina. Thanks, Dom. Paramount.

Settling with the 12 states that had sued to stop its acquisition of Warner Brothers Discovery, California's Attorney General gave the terms of the agreement in a press conference just earlier today. Shares of Paramount lower, though, following the news. Warner Brothers Discovery, though. You can see surging almost 11% right now. Novo Nordisk, sinking, roughly 8%

after unveiling new growth plans that fail to just ease concerns over weight loss drug competition. Nova plans to launch more than five blockbuster drugs by 2030 and generate more than $23 billion in pipeline sales by 2035, shares down 8% today, 22% so far this year. And Kanan Inc., continuing its rally from late last week after the Commodity Futures Trading Commission sent a proposal to regulate crypto to the White House just on Thursday.

Kanan designs manufacturers, a Kannon designs, I should say that's a full name, actually manufactures Bitcoin hardware, and Bitcoin has been up about roughly 12% since Thursday. Kahnon up 8% right now. All right, Christina Parts Nelvelas. With those movers, thank you very much for that. Now, we're just getting started here.

Coming up next, new questions about the AI boom, as we just spoke about. What we're learning about Anthropics IPO plans and another breach from another popular AI model will have the full details coming up. We are live from the New York Stock Exchange. Watching closing bell on CNBC with the Dow up 423 points with just about 40 minutes to go in trading. We're back after this.

All right, welcome back. Dow's up 417 points just about near session highs. We're following two developing stories on the AI front. McKenzie Sagalos is standing by with the news on yet another AI platform going rogue breaking out of its enclosure. But first, let's get out to Kate Rooney with some new reporting around the possible timeline for a big anthropic IPO, Kate. Well, Dom, to set the stage a bit here, investors and bankers that I've been talking to were circling an October debut for Anthropics. Mega IPO, but that does now appear to be moving back. The Wall Street Journal now reporting Anthropics listing is expected to slide into November.

That is reportedly in order to give the AI giant a bit more time to share its third quarter financials, which are expected to show Anthropic in a much stronger financial position, even amid more competition right now. no comment from the company on this one. Two sources, though, telling me Anthropic right now is on track to top a $100 billion annualized revenue run rate. This is by the end of this year. And that is based on some of the August and initial September numbers from what I'm hearing. We've also reported, according to sources, Anthropic investors do expect this company to list around $2 trillion. That would be based on those revenue numbers that I shared at that price.

Anthropic would top SpaceX's initial pricing when it went out this summer. We also reported earlier this summer that Anthropic was near a $65 billion run rate ahead of its IPO. If you flashback to last year for a little bit of context here, total revenue was less than $10 billion. That growth is going to be a key focus. As Wall Street starts to think about underwriting Anthropics, numbers here, margins and profitability also going to be key. Anthropic, from what I'm hearing, was profitable at least on an adjusted basis. This is according to multiple sources I've talked to, familiar with the numbers. Meanwhile, its biggest competitor, Open AI says no plans right now to list this year.

It's got a 2027 target for its initial public offering. I should also mention both of these companies have filed confidentially to go public with the SEC. Back over to you. All right, so a little bit more clarity on the timeline there for at least one of those big frontier labs. Thank you very much, Kate, for that. Let's get out to McKenzie Segalos now with more on the latest AI hack, and this one's from a big one, Mac. So Dom, Gemini is now the latest frontier AI model to escape a controlled testing sandbox and reach real world systems following a string of similar incidents involving open AI, anthropic, and

meta. Now, those breaches have dominated the AI safety conversation out here in Silicon Valley for weeks now. And up until this point, Google had largely stayed out of it. But it turns out Gemini was caught up in the same problem. Google telling me that during a cybersecurity test, the model was supposed to be attacking fake companies. But instead, its agents reached the open internet and ultimately broke into three real world companies. Google's saying, that in each of those cases, once Gemini realized that it had reached actual enterprises rather than the fictional targets it had been assigned, it stopped on its own and did not try to cover its tracks that's different from some of the other breakouts we've seen. Anthropics saying

that Claude kept going even after realizing it was probably inside of a real company. Open AI's agents continued attacking Hugging Face until its security team stopped them with help from a Chinese open source model. Google telling me that Gemini stopping itself shows it its safety training worked. Now, the company certainly has reason to avoid this rogue agent narrative. Its cloud business is growing 82% year over year with enterprise demand for Gemini and its AI agents helping drive that acceleration. Alphabet CEO Sundar Pachai has been notably absent from the debate over slowing increasingly

powerful AI, though that may change this week when he's in Washington on the sidelines of those U.S.-China talks over to how to handle these serious AI risks. Dom? All right, Mackenzie Seagalos with the latest on Gemini. Thank you very much for that, Mac. Up next on this show, a major move in baseball. New details around Apollo's massive stake in the New York Yankees, what it means for the team's valuation.

CNBC's senior sports reporter, Mike Ozanian, is following the money for us, and that story is coming up next. All right, we're back on closing bell. Big news in the world of baseball, as new details emerge about that $2.6 billion dollar financing deal between Apollo and the New York Yankees. CNBC's own senior sports reporter Michael Ozanian joins us now with more on that story.

Mike, this is, you know, the market's been reset a number of times over the course of the past 12 months. But what does this latest deal tell you about the state of valuations at the Yankees? Great to be with you, Dom. Well, in this deal, Yankee Global Enterprises, which owns the New York Yankees, is being valued at $12 billion. Now, mind you, that's a... LP stake because over the course of four years, Apollo is going to own 16% of Yankee global

enterprises. This tells me that in an arm's-length transaction for a control stake in the New York Yankees, you're going to get well, well above $12 billion. Now, if that's going to be the case, how exactly does this play out for many of the other franchises within Major League Baseball? How many owners do you think are sitting there thinking about whether or not there could be possibilities of deals for some of these minority stakes? And how much does that perceived or maybe possible liquidity really drive up valuations across the entire league at this point? Well, I think this deal really speaks to the tremendous brand value of the Yankees. I mean, the way this deal works out is Apollo is going to spend $800 million immediately to buy out limited partners. about 2% from the Steinbrenner family.

Then they're going to buy another 8% over four years, spend another 800 million for that, and immediately give the Yankees a billion dollars of debt so the Yankees can refinance existing debt at much lower interest rates. There are very, very few baseball teams that can get a deal anywhere close to this. I mean, you're talking only the biggest brands. The Yankees, potentially the Dodgers,

although they're going through their own ownership problems right now with Mark Walter. the Red Sox have a great brand, the Cubs have a great brand. That's pretty much it in Major League Baseball. If your teams in the lower half of the league, you're not looking at this resetting the market. I mean, the Angels just reached the deal to be sold in their entirety to stand cronkey at a $4 billion valuation. So the Yankees are being valued at three times the Angels right now. Franchise growth valuations soaring for the NBA, the MLB, the MLB, the NBA, the NBA,

NFL and just about everybody else out there. Michael Ozanian, thank you very much for the update. We'll see you soon, sir. Thanks, Tom. All right, coming up on the show here, more on the market's sharp move higher today. We're going to get a read on whether that momentum can actually last with Schwab's Lizanne Saunders. She's going to join us after this break.

Keep it right here. Welcome back to closing bell. Stocks are rallying today with both oil and yields pulling back. The NASDAQ is, of course, leading the way higher on pace for a new closing high. For more on that move, let's bring in Schwab's. Center for Financial Research, Chief Investment Strategist, Lizanne Saunders. Lizanne, always a pleasure to have you with us. Thanks for joining us.

Let's talk a little bit about this rally today and whether or not you think there's any kind of durability to it. Can we feel comfortable about being allocated to the markets going forward? Well, I guess it depends on how you define markets. We had seen earlier in the year we had seen a very significant improvement to breadth across all measures, moving averages, the percentage of stocks outperform the index itself, equal weight doing quite well relative to cap weight, small caps doing well, and that is really given way. So we're back down in this narrower market environment where you've got on a day like today,

leadership back in those mega cap names concentrated within what I often call the growth trio of sectors, tech and comm services and consumer discretionary because all prices are down. You've got energy at the bottom. So yeah, this could last a bit of time. But what I think the base case is probably that these rotations are going to, continue. You're going to see a lot more action and definition in terms of monetary policy uncertainty and how that's driving the market at the sub-index level. That's where you get the fuller story of what's happening in the market. How much of that, Lizanne, over the course of the last

couple of decades, there's been a lot of financial market innovation, which has allowed retail investors and institutions as well to be able to make those rotations more easily. I mean, 20-some years ago, it was a big deal. A rotation, I kind of feel like, was a bigger deal back then, because it actually took a lot more work to rotate out of certain parts into others. These days, the tools are there to allow that to be much more tactical. So I wonder in that kind of an environment, over the course of the past 10 years, that kind of magnificent seven trade has been the underpinning from one of the best bull markets in the history of mankind. Is it so fearful that we have that same kind of leadership evolving yet again? Or do we need that broad?

broadening out to kind of keep playing out the way it has been. I think it's a little too soon to suggest that this very recent leadership mantle being taken over again by a sub-segment like the Mag 7 is going to be with us. I think that would not necessarily be a positive thing because of the concentration problem that then exists. But you're absolutely right, Dom, to point out that it's not just in terms of availability of of sort of products that investors can use. But the, how much lower the friction is. I seem to recall that Charles Schwab might have had something to do with zero commissions a number of years ago.

Everybody is doing everything digitally right now. So the ease of becoming more of a short-term trader has been amplified. And you see it not just in segments like the retail trader, but so much more dominance in terms of daily volume by a lot of the short-term driven institutional players, like the commodity trading advisors and the systematic funds and the long-short hedge fund community. It has compressed time horizons and given rise to a much more rotational market. And they're at times narrative-drivens. At other times, they're just positioning. They're playing off each other's positioning. I think that kind of backdrop probably persists. How much is thematic investing and trading more of the landscape now?

And is it better for the markets? And if so, are there certain thematic elements to this market that you are tracking more closely? I know that there was a note from Roth out this morning, basically saying that they are looking at semiconductors as the leading indicator for the next move in the markets. You can do that and take that view a lot more easily these days. What thematic elements or theses are you kind of looking at? at for where the markets would be headed? Yeah, so we are also doing a lot of work on thematic investing and baskets and themes. But I actually think, to me, the best way to approach the market is through factor-based investing. So investing based on certain characteristics

that do tie into the macro environment. So factors in this environment like high interest coverage like stability and profit margins. So looking at the macro backdrop, figure out where the opportunity lies or what's lacking, and then apply factor-based research. That can bring themes into the mix, but where I think you're going to get more consistency in leadership, as opposed to trying to get ahead of these rapid fire sector leadership shifts, is to focus on that factor-based investing. And I think this is an environment where you want to take almost a GARP approach to use an acronym that was popularized in the 1990s. You want to look for those growth factors, so positive earnings revisions, stability or strengthened profit margins, but you want to be mindful of the

valuation side of that as well. And then also be mindful of balance sheet considerations and making sure there is things like that high interest coverage. That is the way we think is best to approach these kind of markets. All right, a shifting paradigm for investing as well. Thank you very much, Lizent. Great to talk with you and we'll see you again soon. All right. Coming up next on the show, we are tracking the biggest movers. as we head into the closing bell. Our Christina Parts of Nevelas is standing by at the NASDAQ market site with that, Christina.

Oh, we have a rare earth theme up double digits on a new security deal, a sports betting giant sliding after a Wall Street downgrade, and an optical networking play riding, of course, the AI build-out. You'll have those movers. Next. All right, we're just about 12 minutes until the closing bell at this point right now. Let's get out to Christina Parts of Nevelis

for a look at the key stocks to watch as we head towards that bell, Christina. Yeah, let's start with the rare earth company, critical metals. It's surging higher. Today, specifically up 32% after President Trump announced a new U.S. Denmark-Greenland security agreement just at the end of last week. The Pact would establish a large U.S. military presence in Greenland, and so that is why you're seeing the stock pace for its best day since October 2025. Flutter Entertainment moving lower after Rothschild Redburn downgraded the

stock to neutral from buy and actually cut their price target to $119, down about $50. bucks. Shares trading at 87 bucks right now. The sports betting and gaming companies for consecutive guidance cuts among the reasons for this downgrade and so that's why you're seeing shares almost 3% lower. Shares of Sienna though, pop and higher

after an upgrade from Evercore to outperform. The firm calling Sienna an attractive way to gain exposure specifically to the optical networking space especially as the AI infrastructure buildout continues. That's why shares are up over 4% Dom. All right, Christina, at Parts and Lovos, with those

stocks on the move. Thank you very much for that. Coming up next here, the NASDAX headed for a new record close. If things stay on pace right now, don't go anywhere. The market zone is coming up next. That animation, those sounds, they mean that we are in the closing bell market zone. Michael Santoli and Bernstein's Roosevelt Bowman are here to break down these crucial moments of the trading day ahead. Plus, Oliver Renick is standing by live from Cibo Global Markets out in Chicago. Christina Portsnevlus is tracking the action from the NASDAQ and chips today. And then Brandon Gomez is sinking his teeth into McDonald's. Yes, pun intended, as that company gears up for its big investor day.

So let's start with Michael Santoli. Mike, we spoke on the halftime report about some of the kind of moves you're seeing within large-cap tech. How exactly is this clothes sorting out? It's a validation maybe, right? For sure. I mean, the spring was pretty compressed in a lot of the big mega-cap stocks, especially semis, which really got released and it built on itself throughout the day, Dom. Market seems to be treating the recent week's action as sort of passing a bunch of tests

and getting through a bunch of potential macro challenges that, you know, without too much total damage done. Obviously, the excitement over, you know, the meta-AI initiative and all the rest of it is sort of releasing a lot of these stocks to the upside. It's still market breadth, nothing special is a lot of days recently when you've had two-thirds of stock's up and the index was down. Today you have the reverse there. So an exaggerated version of what we've seen for a while right now, obviously getting help on the oil and treasury yield front, although typically when yields down and oil or down, you have a broader performance in the market. So it's a little bit of a flip on that, but clearly, you know,

market kind of exhaling as we get into a new week. All right. Michael Santoli. We'll see in just about six minutes time on overtime here. Thank you very much for that. Get out to the CBO global markets and Oliver Renick standing by with a check on the option side of things. Oliver. Dom, this is a huge day for options trading in the U.S. stock market and all signs generally point bullish. First is the breakout in AMD rewarding big call buyers we saw last week and cementing this name as a key chip leader. There was also the sharp pickup and risk on across the crypto space with traders pouring into calls on Bitcoin, ETF, IBIT. All of that happened as options trading. in Spy and the cues jumped to 20 to 40% above the month-long average, and the ratio of

calls to puts in Spy climbed to the highest since the first week of August. This was another raucous session down here at Cebo for market makers as VIX actually climbed when the S&Ps extended their gain from 50 to over 100 points today. And it looks like even the biggest firms were still over-haged coming into this week, and they had to chase this rally by buying calls. All right, Oliver Wrenick with the latest from CBO Global Markets. Thank you very much for that. Now, let's go Uptown here to get over to Christina Portsenevelas who's tracking the move in semiconductors from the NASDAQ market site. Christina. Yeah, so tip stock's really leading the NASDAQ higher and it's all about the comeback of the central processing unit CPU, Intel,

AMD, arms soaring as investors really bet on a new wave of demand specifically for those chips. The Spark is meta-use AI agent, which took this top spot in both the Apple and Google Play app stores. Agintic AI in general is really proving to be a real driver for CPUs, the corner of the market that was supposedly left for dead. And so that's why you saw AMD even cross a trillion dollars in market cap earlier today. Other names moving, Qualcomm climbing after tear downs of the new iPhone 18 Pro Max showed a Qualcomm modem inside the U.S. version instead of the Apple C2 chip many had expected. These are just according to various blogs for Apple. And then Invidia, Not sitting this one out. You can see up over 2% for a fifth straight winning session after reclaiming its key 50-day moving average just last week, Dom.

All right, Christina, Parts and Lovus, thank you very much for that. Let's go right across the building to get out to Brandon Gomez, who's watching McDonald's ahead of its investor day from the NASDAQ market side. Brandon. Hey, they're Dom. Yeah, shares down 27% from their march high, and Wall Street is waiting for evidence that McDonald's can fix its biggest market, right here in the United States. U.S. same store sales grew just eight-tenths of a percent last quarter, trailing Burger King in ShakeShack. The brand that has defined affordable fast food now needs to restore that value perception for investors, while not asking franchisees to absorb more promotions. How? Well, that's what CEO Chris Kempchinsky and new U.S. President Sky Anderson will answer Wednesday at Investor Day, as they lay out McDonald's next.

Investors want details on digital offers, menu innovation, restaurant remodels, including budget and timing for those. as well as any updates on operating guidance there. The big question, what will this turnaround cost and when will it start showing up in the U.S. results, Dom? All right, big investor day coming up from McDonald's and its investors. Thank you very much for that. Let's bring in now Bernstein Private Wealth Management's Roosevelt Bowman. You heard each of the reporter reports. As we look at the markets rallying today, as a wealth advisor, does it make you feel good?

Can we feel like it's going to last, I guess? I think we can, and thank you for having me, Dom. I think a couple things are positives here. You know, Christina talked about CPUs being left for dead, and now investors understanding that they're actually really helpful for collaborative tasks, those AI agents, right? Very different than the GPUs that handle lots and lots of data simultaneously. So that's number one. I think number two, moving past some of those macro events, as Michael mentioned, and one in particular, the Fed meeting, when you look at the range of outcomes in terms of where the policy rate can go, most officials were basically stopping at two additional heights. So that helps kind of push down interest rate and volatility because you don't have a lot of uncertainty about the path of policy.

That's helpful for risky assets. That's helpful for stocks and for credit spreads as well. All right. So let's stick with that bond side of things because how many of your clients, maybe and or you, have looked at a 10-year yield at 5% and said, you know what? It's good enough for me. Let's nibble at that trade. And maybe by extension, corporate investment grade or even high yield, that's pulled back as of late. For sure. And I think some clients have talked. about that for us, we've more said, hey, there are better opportunities than just buying government debt, whether we're talking about in the public credit space, municipal, or even in private credit as well, we feel like we can get better risk-adjusted returns by extending out either duration or credit. So as you look at, we know every investor is different based

upon stage in life, you know, kind of what their goals are. But if you had new money to put to work, what exactly are those opportunities that you are kind of chasing right now? What is attractive on a relative basis for you to say, I've got X amount of new dollars coming in for a client. This is the way I would do it from a model perspective. For sure. And I think one area that's really interesting, you know, we talked a little bit about the chips, but moving to more that end user in terms of AI, innovation and manufacturing, we're looking at those companies that are using AI models to improve the assembly line to identify where there could be fails and avoiding them. That savings on material, energy, that cost savings goes right to the bottom line. So we do think

there's lots of opportunities still in AI, moving away from some of the hyperscalers and just the chip makers into other kind of innovative parts across sectors. All right, Roosevelt Bowman, Bernstein, Private Well, thank you very much. We appreciate the time. We'll see you soon, sir. All right. Well, that what you hear, you know, is the closing bell happening in just about 20 seconds time. We'll give you the scorecard as we head into that closing bell. The Dow was up about three quarters of 1% 52, 055. The S&P at 7765, up 1.5%. And the tech heavier NASDAX paid up 2.5% 27,1.24. That does it for the closing bell. The Senate out to Melissa Lee and Mike St. Hanzhouly for overtime.