Trading ahead of the Apple iPhone event & the upcoming CPI report

Watch on YouTube ↗  |  September 08, 2026 at 18:21  |  10:10  |  CNBC
Speakers
Joe Terranova — Senior Managing Director, Virtus Investment Partners
Brian Belski — Chief Investment Strategist, BMO Capital Markets
Jim Lebenthal — Partner, Cetera Investment Management
Scott Wapner — Host, CNBC

Summary

The Investment Committee debates whether to get bullish ahead of the Apple iPhone event and the CPI report. Panelists see strong earnings as a major tailwind supporting the market, with a rotation back into the momentum AI trade and a Mag-7 revival. Jim Lebenthal is bullish NVIDIA and Microsoft but cautious on September and oil prices, while Brian Belski likes small caps and Apple setup. Key risks discussed include oil, diesel, bond yields, and Fed policy.

  • Oil and gasoline are elevated, with CPI and a Fed decision looming this week.
  • Joe Terranova sees the momentum factor rebounding and semis, optical, and AI infrastructure trading higher.
  • Brian Belski argues small caps are supported by earnings and free cash flow.
  • Brian Belski says the Mag-7 is reviving and Apple is set up to outperform into its iPhone event.
  • Jim Lebenthal sees NVIDIA near a breakout and Microsoft as attractively valued with improving sentiment.
  • Jim Lebenthal expects WTI oil to fall to a $70 handle by November but sees diesel as a persistent inflation risk.
  • Jim Lebenthal cautions that September may trend lower with no earnings news and disappointing inflation.
  • The broader debate is whether earnings strength can outweigh rising oil, yields, and Fed risk.
Ideas
Joe Terranova Senior Managing Director, Virtus Investment Partners 0:35
Momentum AI trade is rebounding.
Earnings are a very strong tailwind; the momentum factor that washed out last week is rebounding, and semis, optical, and AI infrastructure are higher. If the market rotates from financials and healthcare back into the momentum AI trade, the market will be comfortable.
MTUM SMH Optical stocks AIQ MED
Brian Belski Chief Investment Strategist, BMO Capital Markets 2:34
Small caps supported by earnings.
Small-caps are holding up despite higher oil prices and bond yields because fundamentals and earnings are the backing; they were the first earnings and price-to-free-cash-flow driver.
IWM MED
Brian Belski Chief Investment Strategist, BMO Capital Markets 2:48
Mag-7 revival and outperformance.
The Mag-7 is reviving after its June and July underperformance versus the S&P 500; the gap has narrowed and the largest stocks have come back.
MAGS MED
Brian Belski Chief Investment Strategist, BMO Capital Markets 2:48
Apple setup for event outperformance.
Apple is set up perfectly to outperform into its iPhone event as part of the Mag-7 revival.
AAPL MED
Jim Lebenthal Partner, Cetera Investment Management 3:53
NVIDIA to break out higher.
NVIDIA is the leadership stock among the Mag-7; it is within a hair of an all-time high, likely to break out, trades near 19x forward earnings, and next-year revenue growth of 70% is supply-constrained and could be higher if the supply chain unsticks.
NVDA HIGH
Jim Lebenthal Partner, Cetera Investment Management 4:31
Microsoft sentiment and valuation supportive.
Microsoft has a very forgiving valuation and sentiment is returning after the stock fell under $400; dismissing it as a disenfranchised SaaS name will be looked back on as folly.
MSFT MED
Jim Lebenthal Partner, Cetera Investment Management 5:52
Earnings outweigh oil and yields.
The strength of earnings outweighs rising oil prices and bond yields; until there is earnings degradation, the earnings tailwind should be weighed over macro risks, supporting the broad market.
SPY HIGH
Jim Lebenthal Partner, Cetera Investment Management 6:26
Oil falls to $70s by November.
Oil is in the mid-$90s but by election day in November the price is likely to show a $70 handle.
WTI MED
Jim Lebenthal Partner, Cetera Investment Management 7:46
Diesel prices stay elevated.
Diesel, not oil, is the key inflation risk; it is at a record, shows no sign of abating, has no inventories to fall back on, and has no China demand cut, so it factors into trucking, farms, and crop prices.
DIESEL MED
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This CNBC video, published September 08, 2026, features Joe Terranova, Brian Belski, Jim Lebenthal discussing MTUM, SMH, Optical stocks, AIQ, IWM, MAGS, AAPL, NVDA, MSFT, SPY, WTI, DIESEL. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Joe Terranova, Brian Belski, Jim Lebenthal  · Tickers: MTUM, SMH, Optical stocks, AIQ, IWM, MAGS, AAPL, NVDA, MSFT, SPY, WTI, DIESEL