The major averages are trading higher across the board on the final trading day of the second quarter as the Dow paces for its best first half in 5 years. Kelly Evans is joined by Interactive Brokers’ Steve Sosnick who helps break down the market action as they discuss the massive rally investors have seen in chip stocks and interview a healthcare analyst to ask whether the recent biotech momentum can continue. Oppenheimer’s Chris Kotowski also joins the show to explain the rationale behind his latest research note in which he downgrades Morgan Stanley and Goldman Sachs, saying alternative financial stocks are a better investment right now. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Semiconductors Surge in Q2, Recapping Healthcare’s Historic Run, and Checking on the Call to Flee Financials 6/30/26

Power Lunch

The NASDAQ is up. Healthcare and industrials both at all-time highs. Gas prices still at those elevated levels, too, despite the drop in crude oil. Welcome to Power Lunch. I'm Kelly Evans. Brian is out today. Interactive broker Steve Sosnick is here with us for the whole hour. Welcome to you, Steve. We've got a lot coming at you on this final trading day for the first half of the year. So many stats to run through as well. Semiconductors once again a big driver of today's green tape. Best industry in the S&P this year easily. The SOX ETF, I should say.

It's up 94% this quarter. We'll ask a portfolio manager whether she's taking some winnings or letting it ride. And healthcare is in the midst of a historic run, says Mizuho's Jared Holtz. He'll be with us, and he's bringing some names that are hot on his radar. Plus the call of the day on the street. Oppenheimer's Chris Kotowski downgrading four of the big banks into earnings. He'll join us to talk about that later this hour.

But let's start with the markets once again being boosted by the usual suspects. Memory, the chip names, they're up today just a little bit, though. Is it time to get worried about the sustainability of the overall rally into the back half? Our next guest says not just yet. Wells Fargo Chief Equity Strategist Osung Kwan is here with us. And if anything, Osung, you think we have a kind of use term like face ripping? Like what do you see going on throughout the summer months?

Semiconductors Surge in Q2, Recapping Healthcare’s Historic Run, and Checking on the Call to Flee Financials 6/30/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Semiconductors Surge in Q2, Recapping Healthcare’s Historic Run, and Checking on the Call to Flee Financials 6/30/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.