We are still in a momentum market, says CIBC's Chris Harvey

Watch on YouTube ↗  |  June 22, 2026 at 21:16  |  4:30  |  CNBC
Speakers
Chris Harvey — CIBC
Chris Verrone — Head of Macro, Piper Sandler
Adam Parker — Head of Quantitative Research, Houlihan Lokey

Summary

Panelists on Closing Bell Overtime discuss the rotational tape away from mega-cap tech, with Chris Harvey arguing the market remains momentum-driven. Chris Verrone highlights banks breaking out and money flowing into health care, pointing to Eli Lilly and Apple as new-high standouts. Adam Parker adds that small caps are working as investors seek AI alternatives.

  • Mega-cap tech sees selling while equal-weight S&P and Russell 2000 hit new highs.
  • Chris Harvey believes the market still rewards positive price momentum.
  • Chris Verrone sees a rotational move into banks and health care.
  • Eli Lilly and Apple are identified as stocks making new highs with little attention.
  • Adam Parker says small caps are benefiting from the hunt for AI alternatives.
  • The panel questions whether money is leaving equities or simply rotating within the asset class.
Ideas
Chris Harvey CIBC 2:32
Still in a momentum-driven market.
The market is still in a momentum-driven regime, and if a stock lacks positive price momentum it becomes very difficult to perform.
MTUM MED
Chris Verrone Head of Macro, Piper Sandler 2:40
Banks breaking out on rotation.
Money is rotating out of mega-cap tech and finds a home elsewhere; banks are breaking out as part of this rotational tape, presenting an opportunity.
KBE MED
Chris Verrone Head of Macro, Piper Sandler 2:40
Health care benefiting from rotation.
Money from the Mag-7 sell-off is flowing into health care, with Eli Lilly making new highs while getting little attention, offering a potential under-the-radar opportunity.
XLV LLY MED
Chris Verrone Head of Macro, Piper Sandler 2:40
Apple is the standout Mag-7 leader.
Apple is the only Mag-7 stock making a new high in June, signaling relative strength and leadership as money rotates away from other mega-cap names.
AAPL MED
Adam Parker Head of Quantitative Research, Houlihan Lokey 3:57
Small caps working as AI alternative.
Small caps are working because investors are looking for AI alternatives, and improving industrial and consumer data supports the rotation into the space.
IWM MED
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This CNBC video, published June 22, 2026, features Chris Harvey, Chris Verrone, Adam Parker discussing MTUM, KBE, XLV, LLY, AAPL, IWM. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Harvey, Chris Verrone, Adam Parker  · Tickers: MTUM, KBE, XLV, LLY, AAPL, IWM