Name: Why Humilis' Belski expects the S&P to end 2026 between 7,300 and 7,500
Uploaded: 2026-01-06T18:30:57+00:00
Duration: 320 s

Speakers

Brian Belski — Chief Investment Strategist, BMO Capital Markets

Summary

Brian Belski, CEO and CIO of Humilis Investment Strategies, joins CNBC's Halftime Report to discuss his 2026 outlook. He expects the S&P 500 to reach 7,300-7,500, with high-single-digit to low-double-digit returns in an earnings-driven year three/four bull market. He favors Communication Services, Financials, and Utilities, expects rotation into Value, Dividend Growth, and Small/Mid-Cap, and highlights tactical opportunities in Financials, fintech/Nu Holdings, and semiconductors.

Belski expects the S&P 500 to end 2026 between 7,300 and 7,500.
He sees an earnings-driven market with high-single-digit to low-double-digit returns.
He is overweight Communication Services, Financials, and Utilities.
He expects rotation into Value, Dividend Growth, and Small/Mid-Cap.
He favors Financials on scale and under-ownership and cites tactical financials subsectors.
He cites Venezuela developments as positive for fintech and Nu Holdings.
He says semiconductors are strong despite concerns about technology in 2026.
He neutralizes Technology in his holdings.

Ideas

Brian Belski Chief Investment Strategist, BMO Capital Markets 0:20

S&P 500 targets 7300-7500 in 2026

Belski's 2026 outlook forecasts the S&P 500 ending the year between 7,300 and 7,500, or high-single-digit to low-double-digit returns. He argues the market is transitioning to a more earnings-driven phase within year three/four of the bull market, so returns should remain positive but less than prior valuation-driven years.

Brian Belski Chief Investment Strategist, BMO Capital Markets 0:52

Canada to deliver low double-digit returns

In the same 2026 outlook, Belski expects low-double-digit returns for Canada, aligning with his view that year four of the bull market still supports positive equity returns.

Brian Belski Chief Investment Strategist, BMO Capital Markets 1:01

Overweight communication services, financials, utilities

Belski is overweight Communication Services, Financials, and Utilities. He prefers these sectors because they can tolerate higher tracking error and offer longer-term secular earnings growth, while he neutralizes Technology due to fundamental issues.

Brian Belski Chief Investment Strategist, BMO Capital Markets 1:31

Rotation into value, dividend growth, small/mid-cap

Belski expects a rotation into three equity disciplines in 2026: Value, Dividend Growth, and Small/Mid-Cap, as leadership broadens beyond the prior valuation-driven mega-cap market.

Brian Belski Chief Investment Strategist, BMO Capital Markets 3:52

Tactical financials subsectors performing well

Belski sees tactical opportunities in Financials early in the year, highlighting money center banks, trust banks, and exchanges such as Nasdaq, Interactive Brokers, and Charles Schwab as areas performing well and less discussed.

Brian Belski Chief Investment Strategist, BMO Capital Markets 4:07

Venezuela news positive for fintech; favors NU

Belski says weekend developments in Venezuela have a positive impact on fintech, and he points to Brazilian digital bank Nu Holdings (ticker NU) as a tactical opportunity.

Brian Belski Chief Investment Strategist, BMO Capital Markets 4:19

Semis strong despite tech worries

Belski argues that despite concerns that technology may not lead in 2026, semiconductors are not showing weakness and remain a tactical opportunity.

This CNBC video, published January 06, 2026, features Brian Belski discussing SPY, EWC, XLC, XLF, UTILITIES, VALUE, DGRO, IWM, KBE, Trust banks, Exchanges, QQQ, IBKR, SCHW, FINTECH, NU, SMH. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brian Belski · Tickers: SPY, EWC, XLC, XLF, UTILITIES, VALUE, DGRO, IWM, KBE, Trust banks, Exchanges, QQQ, IBKR, SCHW, FINTECH, NU, SMH

Why Humilis' Belski expects the S&P to end 2026 between 7,300 and 7,500

Summary

Ideas

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