Interactive Brokers’ Sosnick on the key developments he’s watching in 2026

Watch on YouTube ↗  |  January 02, 2026 at 15:37  |  5:52  |  CNBC
Speakers
Steve Sosnick — Chief Strategist, Interactive Brokers

Summary

Steve Sosnick, chief strategist at Interactive Brokers, discusses 2026 market themes after a globally broadened 2025 rally. He highlights continued international diversification, a desire to move away from the dollar, and retail enthusiasm for risk assets. For 2026, he is watching midterm-election-year equity weakness, the uncertainty of a new Fed chair, and the risk that private AI commitments cannot be met, which would challenge top-heavy market earnings. He also warns that silver's parabolic move is unstable and could unwind quickly.

  • Global rally broadened beyond AI and the U.S. in 2025.
  • Interactive Brokers clients have added international exposure and taken more currency risk.
  • Retail investors bought April dips and have recently crowded into silver and SLV.
  • Sosnick flags midterm election years as historically weak for equities.
  • A new Fed chair in 2026 adds uncertainty and historical stern-test risk.
  • Private AI companies' massive commitments could threaten top-heavy market earnings.
  • Silver's fourth-quarter parabolic move is seen as unstable and prone to quick unraveling.
Ideas
Steve Sosnick Chief Strategist, Interactive Brokers 0:44
International diversification remains a positive trend
A broadening global rally is generally positive, and international markets have woken investors up. Clients are moving money abroad or looking beyond the usual U.S. suspects, and they have added international exposure in a major way. Tariffs failed to kill emerging/Asian economies because management teams adapt, and there is demand for non-dollar exposure. He remains constructive on international equities.
ACWX MED
Steve Sosnick Chief Strategist, Interactive Brokers 1:54
Investors rotate away from U.S. dollar
There is a real desire among investors to get exposure away from the dollar and into other currencies, taking on currency exposure instead of avoiding it. This dollar-diversification flow supports non-U.S. assets and is a distinct macro FX stance.
UUP MED
Steve Sosnick Chief Strategist, Interactive Brokers 1:54
Investors rotate away from U.S. dollar
There is a real desire among investors to get exposure away from the dollar and into other currencies, taking on currency exposure instead of avoiding it. This dollar-diversification flow supports non-U.S. assets and is a distinct macro FX stance.
Foreign currencies MED
Steve Sosnick Chief Strategist, Interactive Brokers 3:20
Private AI commitments threaten top-heavy market
He is watching reliance on private AI companies that must scale enormously to meet commitments. Using OpenAI as an example, he asks how a company with about $20 billion in revenue can meet $1 trillion of commitments over five years. If those commitments are not met, it could upend the earnings growth priced into a top-heavy market, especially the Magnificent Seven and broad U.S. equities.
MAGS SPY MED
Steve Sosnick Chief Strategist, Interactive Brokers 5:24
Silver parabolic move is unstable
Interactive Brokers customers have heavily moved into silver and SLV recently. Silver has gone parabolic in the fourth quarter, and he does not love that setup because parabolic moves are unstable and can unravel very quickly, making silver and SLV risky to own.
SLV SILVER HIGH
Up Next
4:02
Imax is well positioned into 2026, says Wedbush's Alicia Reese
CNBC · Jan 02
4:05
Stock multiples will rise as rates come down this year, says Jefferies' David Zervos
CNBC · Jan 02
1:05
December Manufacturing PMI remains at 51.8
CNBC · Jan 02
16:40
Coinbase's John D'Agostino outlines exchange's 2026 crypto market outlook
CNBC · Jan 02
1:05:24
60/40 Portfolios Are a Scam (Here’s the Real Story)
Meb Faber Show · Jan 02

This CNBC video, published January 02, 2026, features Steve Sosnick discussing ACWX, UUP, Foreign currencies, MAGS, SPY, SLV, SILVER. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Steve Sosnick  · Tickers: ACWX, UUP, Foreign currencies, MAGS, SPY, SLV, SILVER