Trading the market downturn: The committee's next move

Watch on YouTube ↗  |  June 09, 2026 at 17:50  |  11:01  |  CNBC
Speakers
Scott — Anchor
Joe Terranova — Senior Managing Director, Virtus Investment Partners
Malcolm Ethridge — CIC Wealth Executive Vice President
Jim Lebenthal — Partner, Cetera Investment Management
Josh Brown — CEO, Ritholtz Wealth Management

Summary

The Investment Committee debates the Nasdaq sell-off and a potential rotation out of momentum-driven AI/tech stocks into value and equal-weight strategies. Panelists discuss the impact of a massive upcoming IPO on speculative names and Bitcoin, and single-stock moves including a buy-the-dip call on Apple.

  • Nasdaq down nearly 600 points as tech leads losses but breadth is better at NYSE
  • Historical pattern suggests Nasdaq's Friday low will be retested this week
  • Joe Terranova sees a durable rotation from growth/momentum to value/quality, favoring S&P Equal Weight
  • Malcolm Etheridge warns a $200B mega IPO will force selling in speculative tech and Bitcoin
  • Jim Lebenthal views Apple's post-Siri-AI drop as consolidation and would buy in coming days
  • Josh Brown highlights a non-AI ETF (HALO) up on the day as evidence of rotation
Ideas
Scott Anchor 2:53
Nasdaq likely retests Friday's low soon
Historical pattern shows when the Nasdaq loses 4% or more on a Friday, the Friday low is breached within the next five trading days 90% of the time. This sell-off is no different; Friday's low needs to be retested and yesterday's bounce was just a bounce.
QQQ MED
Joe Terranova Senior Managing Director, Virtus Investment Partners 3:51
S&P Equal Weight outperforms cap-weight in rotation
The market is undergoing a concrete rotation away from mega-cap tech concentration. Six stocks (Apple, Nvidia, AMD, Broadcom, Intel, Micron) make up 20% of the S&P 500 and are all down more than 3% today, while 65% of the bottom 50 YTD performers are up. This rotation favors S&P Equal Weight over Market Cap, Value over Growth, and Quality over Momentum, and should persist through summer.
RSP HIGH
Malcolm Ethridge CIC Wealth Executive Vice President 6:56
Mega IPO drains capital from speculative assets
Upcoming mega IPOs likely raising ~$200 billion will drain capital from speculative parts of the market, forcing selling in names like Micron (which doubled its market cap in two months) and Bitcoin. This makes these assets unattractive near term.
MU BTC MED
Jim Lebenthal Partner, Cetera Investment Management 9:31
Buy Apple on this consolidation pullback
Apple's sell-off after the Siri AI unveiling is a consolidation, not something worse. Valuation at 32x forward earnings is a bit stretched, but the defined low-capex strategy, strong economic growth, and profit growth make this a buying opportunity in the coming days.
AAPL MED
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This CNBC video, published June 09, 2026, features Scott, Joe Terranova, Malcolm Ethridge, Jim Lebenthal discussing QQQ, RSP, MU, BTC, AAPL. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Scott, Joe Terranova, Malcolm Ethridge, Jim Lebenthal  · Tickers: QQQ, RSP, MU, BTC, AAPL