Dan Skelly of Morgan Stanley Wealth Management examines whether the market needs broader participation beyond its recent winners and explains why rotation could be critical for the rally&#x27;s next phase. FedEx provides an early read on the economy. Jonathan Chappell of Evercore analyzes what they signal for transportation demand, shipping activity and broader growth trends. Oue Leslie Picker reports on Apollo&#x27;s decision to curb withdrawals, putting fresh attention on private markets and investor liquidity. Brent Thill of Jefferies tackles a key question for technology investors: are gains in Microsoft and Salesforce the start of a durable recovery or simply a short-lived bounce?=Matt Bryson of Wedbush reacts to Cerebras earnings.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Closing Bell Overtime: Tech Recovers From Sharp Early Losses But Closes Lower As Investors Weigh Recent Gains 6/23/26

Closing Bell

# Full Transcript

**Podcast:** Closing Bell

## Participants

- **Mike Santoli** (CNBC)
- **Christina Partsinevelos** (CNBC)
- **Rick Santelli** (CNBC)
- **Frank Holland** (CNBC)
- **Dan Skelly** (Morgan Stanley Wealth Management)
- **Jonathan Chappelle** (Evercore)
- **Pippa Stevens** (CNBC)
- **Brent Dale** (Jeffries)

## Transcript

The Bell's bringing an end to the trading day at the NYSE, Devon Energy, and at the NASDAQ, FIETH Therapeutics doing the honor. Welcome to Closing Bell Overtime live from Studio B at the NASDAQ Market Site. I'm Mike Santoli. Melissa Lee is off today. Stocks down big once again. The S&P 500 off just about 1.4%. The NASDAQ losing about 2.2%. The hottest stocks getting hit the hardest, particularly Micron Technology. We'll get more on that stock ahead of its results tomorrow.

And we've also got some results we're watching today. Cerebris, its first report as a public company. FedEx and KB Home also due out this hour. We'll bring you those numbers when they cross. Let's start with another day of losses for tech. Christina Partsinevelos and Nevelis joining me here just to get below the surface a little bit. Yeah, and let's start with the fact that you had, you spoke about stocks open sharply lower, studied by mid-day. But Alphabet, NVIDIA, Oracle, Tesla finished in the red, really building on steep losses in big tech from just yesterday.

Some even calling the Mag 7, Lag 7 now. The trigger, though, came overnight out of South Korea. The Kospi fell nearly 10%. SK Hynix, Samsung Memory Makers really make up about half of that index, both dropping more than 12%. Then you also had Korea's top regulator admitted it moved too fast, approving levered chip ETFs, helping push margin debt to a record over there. That leverage unwind really showed up here to the SOX, so S-O-X-L ETF, lost 23% just today, spreading it.

And you saw that momentum and that concern spreading into AI data center plays like Vertiv, GE for Nova, Comfort Systems, for example. And you talked about momentum names in the last show. It really took the brunt of it. Coherent, Credo, Corning, Bloom Energy. These are names that really drive with momentum retailer traders. And then the same story for high-flying memory and storage stocks, Micron, Sandisk, Western Digital, all falling. Micron specifically also seeing some de-risking ahead of earnings. It did really well just over the last few days.

But most of the street agree. The fundamentals haven't necessarily changed. These are just crowded, momentum-driven trades that everyone piled into on the way up. And when a trade gets that crowded, sharp sell-offs likely follow. And not everything was down. I'll just end with some positive. Microsoft Salesforce ServiceNow bounced back. IBM rallied after a JPMorgan upgrade, which called growing AI adoption a major catalyst for its softer biz. And then Target also finished in the green after Wolf Research upgraded.

The firm with the firm saying, the analysts saying, cu...

Closing Bell Overtime: Tech Recovers From Sharp Early Losses But Closes Lower As Investors Weigh Recent Gains 6/23/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Closing Bell Overtime: Tech Recovers From Sharp Early Losses But Closes Lower As Investors Weigh Recent Gains 6/23/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.