U.S. stocks closing out a blockbuster quarter: Carl Quintanilla and Leslie Picker kicked off the hour with a breakdown of what comes next with Wells Fargo&#x27;s top strategist, and Citi&#x27;s Head of Tech Research. Plus - Sara Eisen joined the team with another huge interview from the ECB&#x27;s annual monetary forum: Bank of England Governor Andrew Bailey... And elsewhere in the hour: details on BMW&#x27;s new U.S. expansion plans, Apple&#x27;s efforts to combat AI cybersecurity threats, and what a change to Medicare means for GLP-1 names. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

11AM Hour: Bank of England Chief, Q3 Tech Playbook, & Apple's AI Arms Race 6/30/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Transcript

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[SPEAKER_C] Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker here at Post 9 of the New York Stock Exchange. Today, Sara is on assignment in central Portugal, where she will bring us a first-on-CNBC interview with Bank of England Governor Andrew Bailey in just a few minutes.

[SPEAKER_D] Plus, U.S. stocks closing out a blockbuster quarter. Both the S&P and tech-heavy Nasdaq on pace for the biggest quarterly rallies in 6 years. We'll dig into the outlook for tech in the second half with Citi's Heath Terry, why he says the infrastructure buildout continues unabated.

[SPEAKER_C] Cybersecurity fears reportedly forced addressing a strategy shift at Apple. We will explain that as well as we wrap up the quarter, the month of June, and the first half of the year. Kind of a mixed bag sector-wise today. You do have the VIX back to 17, healthcare lagging a bit, some nice gains in information technology and industrials, which of course are two of the best-performing sectors of the quarter.

[SPEAKER_D] Yeah, as we get set to wrap up this roller coaster first half for stocks, let's bring in Scott Wren, Wells Fargo Investment Institute Senior Global Market Strategist. Scott, thanks for being here. So I see you're recommending investor portfolios trim energy equities and commodities and rebalance toward IT and equities, precious metals and commodities. Why?

[SPEAKER_E] Well, you know, Leslie, when we started that trade the beginning of April and it's moved pretty quick, we felt like, you know, tech was down. It gave us an opportunity there. Energy was up, which, you know, really energy is still the top the top performing sector on a year-to-date basis, if you can believe that, with the most recent performance. But for us, you know, you had to make an educated assumption whether the strait was going to open relatively soon or not. We thought it would open relatively soon. It did take a little bit longer than what we thought. So oil prices being down here at 70, that doesn't surprise us. We want to try to take advantage You know, we've seen some ...

11AM Hour: Bank of England Chief, Q3 Tech Playbook, & Apple's AI Arms Race 6/30/26

Transcript

Built for investment professionals

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

11AM Hour: Bank of England Chief, Q3 Tech Playbook, & Apple's AI Arms Race 6/30/26

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.