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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 — Chopping Block co-host
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 Chopping Block co-host 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
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This CNBC video, published June 22, 2026, features Chris Harvey, Chris Verrone discussing MTUM, KBE, XLV, LLY, AAPL. 4 trade ideas extracted by AI with direction and confidence scoring.

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