The bull market in our view is very much intact, says Truist Wealth’s Keith Lerner

Watch on YouTube ↗  |  August 26, 2026 at 14:59  |  4:38  |  CNBC
Speakers
Keith Lerner — Chief Investment Officer, Truist Wealth

Summary

Truist Wealth CIO Keith Lerner says the bull market remains intact and investors should stick with the primary uptrend, favoring technology/AI and areas outside tech such as financials, healthcare, and energy. He expects near-term chop as the market focuses on macro after a one-way earnings season, and he is watching the 10-year Treasury 4.80% level and Nvidia earnings as key AI sentiment signals.

  • Bull market and uptrend intact after healthy valuation reset and positive earnings
  • Near-term market likely choppy as macro reports create two-way trade
  • Underweight equity investors can average in, especially on seasonal weakness
  • Tech/AI remains dominant with tech valuations at lowest premium to S&P in a decade
  • Truist upgraded financials and healthcare and is overweight energy
  • Watching whether 10-year Treasury stays below 4.80%; credit spreads remain tight
  • Nvidia earnings seen as key AI barometer for sentiment and circular finance concerns
Ideas
Keith Lerner Chief Investment Officer, Truist Wealth 0:36
Bull market intact; buy equity dips.
The bull market and primary uptrend are intact after a healthy valuation reset and positive earnings; he would stick with the uptrend and average into equities, especially on seasonal weakness, expecting the market to move higher by year-end and into next year even if near-term macro focus creates choppiness.
Equities HIGH
Keith Lerner Chief Investment Officer, Truist Wealth 1:41
AI/tech dominant; valuations reset.
Technology and AI remain the dominant theme; tech valuations have reset from about 32x earnings last October to around 22x now, the lowest premium to the S&P 500 in a decade, supporting continued tech leadership.
XLK Artificial Intelligence HIGH
Keith Lerner Chief Investment Officer, Truist Wealth 2:00
Upgraded financials in July.
Truist upgraded financials in July as part of broadening opportunity outside technology while sticking with the primary uptrend.
XLF LOW
Keith Lerner Chief Investment Officer, Truist Wealth 2:01
Upgraded healthcare; positive trials, AI support.
Truist upgraded healthcare, supported by positive clinical trials and drug development, and healthcare likely benefits from AI.
XLV MED
Keith Lerner Chief Investment Officer, Truist Wealth 2:03
Overweight energy on geopolitical uncertainty.
Truist is overweight energy, with lingering geopolitical uncertainty supporting the sector as an opportunity outside technology.
XLE MED
Keith Lerner Chief Investment Officer, Truist Wealth 3:12
Watch 10-year Treasury 4.80% threshold.
The market can tolerate somewhat higher inflation and interest rates if the economy stays resilient, but an abrupt move above the 4.80% level on the 10-year Treasury would be problematic short-term, so he is watching that threshold and tight credit spreads.
10-Year Treasury Yield MED
Keith Lerner Chief Investment Officer, Truist Wealth 3:52
Watch Nvidia earnings reaction and AI signal.
Nvidia earnings are the key AI barometer; with the stock flat since October and already a $5 trillion company, he is watching for clarity on the state of AI and circular finance concerns, and how the market reacts to what is likely another earnings beat.
NVDA MED
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This CNBC video, published August 26, 2026, features Keith Lerner discussing Equities, XLK, Artificial Intelligence, XLF, XLV, XLE, 10-Year Treasury Yield, NVDA. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Keith Lerner  · Tickers: Equities, XLK, Artificial Intelligence, XLF, XLV, XLE, 10-Year Treasury Yield, NVDA